The fall of the bitcoin price in the New Year has not dampened investment sentiment in bitcoin technology.
Leading bitcoin platform Coinbase just closed a $75 million Series C financing round brings the total capital raised by the company to $106 million.
The round was led by Draper Fisher Jurvetson Growth, with participation from existing investors, including Andreessen Horowitz, Union Square Ventures and Ribbit Capital, as well as new investors, BBVA Ventures, the New York Stock Exchange (NYSE), and USAA.
Founded in June 2012, San Francisco-based Coinbase gives consumers and merchants the ability to buy, sell, store and transact with Bitcoin, and provides developers with the tools they need to create new applications for Bitcoin on top of its core technology.
Bitcoin is the world’s largest application of the emerging blockchain technology, an online, public ledger that verifies transactions in the digital currency.
BBVA Ventures is the fintech investing arm of Spanish banking giant BBVA.The investment firm’s Executive Director Jay Reinemann said this regarding the investment:
At its core, Bitcoin is a decentralized protocol that enables exchange of value among parties around the world, giving it the potential to alter the financial services landscape. By serving consumers, merchants and developers alike, Coinbase touches the most important aspects of that emerging ecosystem, giving it one of the best viewports into new developments and applications for the technology.
As of January 2015, Coinbase has 2.1 million consumer wallets, 38,000 merchants processing Bitcoin payments through its platform and 7,000 developers building new services based on Coinbase’s APIs.