Coinbase, a U.S-based crypto exchange which recently announced the closing of its $300 million Series E, which brought the company’s valuation to about $8 billion, has also made it known that it has no intentions to IPO anytime in the near future. This was made known through an interview of the exchange’s Chief Operating Officer, Asiff Hirji on Bloomberg TV.
Coinbase and Tiger Global
Hirji made it known through the interview that contrary to popular notion, the latest fundraising round which brought in the $300million, was more about the access granted via the new lead investor, Tiger Global Management than it is about actual capital.
The core investment focus of the Tiger Global is telecom, media consumer, technology, industrial sectors and internet.
Tiger Global is a New York-based firm which was founded by ‘ Tiger Cub ‘ Chase Coleman III, and currently has $25 billion AUM, deploying capital globally in both public and private markets.
As a result of the funding Coinbase got, the company now has its sight set on gaining greater access to institutional clients across the globe. Also, apart from providing the exchange with more than enough capital to expand on a global scale, the funding will also improve its standing, thereby presenting its products as an ideal solution to high net worth individuals and investment firms across the globe.
An Old Report Contrary to What Coinbase Said
However, a recent report from the host of a crypto-focused show on CNBC, Ryan NeuNer, made it known that he has received pre-IPO documents from an inside source. This claims by Ryan has so far been proven invalid by the Coinbase’s COO. This has raised several questions about who is telling the truth between the two. Although, since Coinbase has nothing to lose from telling the truth about an impending IPO, it seems like Ryan didn’t get his fact right this time.