Coindesk Looking to Raise $100m In Round of Funding
We have discussed the volatility of crytpocurrencies like Bitcoin in depth over the years. The ability to earn ridiculous return on investments is what makes it both a speculator’s dream but also a regulator’s nightmare.The record price of Bitcoin in the last few months have made the cryptocurrency market a hot commodity. According to the latest reports from the Wall Street Journal Bitcoin exchange Coindesk is looking to a new round of funding of $100m based on a $1 billion valuation. This would be the highest round of funding ever by a cryptocurrency company. Coindesk is a platform that allows consumers and traders to transact with bitcoin while offering a bitcoin wallet which offers the ability to purchase and sell bitcoins along with other merchant payment processing systems and offers all that is required to accept bitcoin as form of payment.
Coinbase previously raised $117m over five rounds from investors including Union Square Venture DFJ, Andreessen Horowitz, the NYSE and other high profile banks.
The timing of the new round of funding is perfect as Bitcoin has hit all-time record highs. Bitcoin is still largely under scrutiny. Coinbase has received formal licensing from New York Department of Financial Services in March which enforces strict control on users to ensure they do not violate any state or deferral laws. Proceeds of the new funding will be used to expand its global reach beyond the UK, New Zealand and other parts of the EU.