US Bitcoin processor Coinbase, has gained an additional $25 million in their second round of funding. The investment was led by California based venture capital firm Andreessen Horowitz.
The new investment brings Coinbase’s total to $31.9 million in seed funding. This is the largest investment for any Bitcoin firm. Coinbase is growing at a fast rate and has gained over 400,000 users since August, resulting in over 600,000 Coinbase wallet holders.
“This funding solidifies our position as the largest and fastest growing bitcoin service in the US. We plan to use the funds to expand our team, continue to educate the market, and promote the mainstream adoption of bitcoin,” Coinbase released in a statement on the investment.
Coinbase co-founder Fred Ehrsam mentioned Coinbase’s plans are for the near future with the new funding. The funds will help Coinbase to continue the development of their ecosystem, making it easier to buy and sell, as well as purchasing with Bitcoin. Coinbase will also be working on securing more world-class merchants and vendors.
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Coinbase also announced the addition of a new member to their team in the form of Bitcoin developer Gavin Andresen in an advisory role. Andersen added that Coinbase is a “critical piece of the Bitcoin infrastructure”. Anderson also serves as Chief Scientist at the Bitcoin Foundation.
Coinbase is the largest Bitcoin service provider in the US, and is averaging over 10,000 new wallet users every day. Coinbase provides services to over 16,000 merchants including, OkCupid, Khan Academy, and reddit.
Time Magazine named Coinbase the second most-exciting startup of 2013.