The Bitcoin has had a terrible year so far and if you include the last four months of 2014, it has looked so bad that most people has written off the Bitcoin and said that it is completely dead. There are people out there thinking otherwise, which was proven yesterday when Coinbase announced how their Series C funding round had gone.
A total of $75 million - The largest funding in Bitcoin history - was collected from different wealthy investors which included the New York Stock Exchange. Coinbase has now managed to raise a total of $105 million in capital from outside investors since it opened in 2012, showing the world that they are here to stay and that the Bitcoin will survive.
“Investors still have a pretty high conviction on Bitcoin despite what the spot price of Bitcoin is doing. This really is people putting their money where their mouth is in terms of betting on Bitcoin as a technology trend.” Fred Ehrsam, Coinbase Co-Founder said to the New York Times after the funding round.
Several of the biggest investment companies in the world participated in the funding, which was led by DFJ Growth along with other early investors. Companies like the USAA and BBVA invested in the company along with private high-profile people such as Citigroup CEO Vikram Pandit.
Coinbase will use the money to expand their business into new territories, create new exiting tools for the Bitcoin payment industry and create a better infrastructure for the future.