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Coinbase gets valuation at $8 billion with Tiger Global’s heavy investment

Priyamvada Singh



Coinbase gets valuation at $8 billion with Tiger Global's heavy investment
Source: Pixabay

Recently, it was reported that the biggest cryptocurrency exchanges, Coinbase is valued at $8 billion and is in talks with Tiger Global to receive an investment of $500 million. This is believed to make Coinbase one of the most valued startups in the US. According to the sources, Coinbase will spend $250 million in addition to the new investment to strengthen its financial position.

Coinbase is a leading crypto-industry player. Hence, it is believed that the news of the massive investment and valuation of the company will place the cryptocurrency and blockchain space under good light.

Last summer, the exchange was valued at merely $1.5 billion, after which the cryptocurrency market saw an uprise where Bitcoin [BTC] reached a trading price of $20,000 in December 2017. However, the market came crashing down earlier this year, where Coinbase underwent quite a loss. Despite this, Brian Armstrong, the Chief Executive Officer of Coinbase believes that ‘building an open financial system for the world’ has to be prioritized over temporary pops and drops in crypto-prices.

Recently, Armstrong also tweeted about how he wants his platform to create flexibility in the financial system where everybody feels included. He wrote:

“Our mission is to create an open financial system for the world, and everyone must feel included. Coinbase Learn is a simple, foundational resource to help anyone and everyone educate themselves about crypto. “

Last week, the CEO mentioned that his company could become the Google of the cryptocurrency space. Here, he also discussed the origins of Coinbase and its initial purpose of creation. Armstrong, who has also been listed under Fortune’s 40 under 40 stated Satoshi Nakamoto’s Bitcoin white paper as one of the first reasons for the inception of Coinbase.

Today, Coinbase also released an official blog on its accomplishments in the third quarter of 2018. Here, Armstrong spoke about the recent investments made by the company, acquisitions, hirings, launches and more. According to the blog, Coinbase invested in nine companies in this quarter, namely, Coinmine, Public Market, Horizon Games, among others.

On the news of Coinbase valuation and Tiger Global, many Twitteratis posted their opinions. Rahul Sood, a crypto-entrepreneur and blockchain space enthusiast wrote:

“The big value in Coinbase is the compliance and regulatory work they’re doing. Any exchange or project who operates at a high level will be worth a ton of money.”

Another Twitter user, Kunal Desai, who is the CEO of Bulls on Wall Street also commented:

“I’m thinking much less then coinbase. As an American firm that’s complied and filled every hoop and license they can. Their long term security is just higher then Binance even though I prefer trading off Binance.”

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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.


HitBTC responds to allegations of insolvency, refutes claims made by Redditors




HitBTC responds to allegations of insolvency
Source: Unsplash

HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:

“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”

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