Although Bitcoin may be moving from a volatile period after chinease regulatory crackdon, but Bitcoin wallet is not a fad. This has been proved by Coinbase, which has raised $25 million through venture capital funding. This is secound round of professional funding for Coinbase and highest amount received in funding by any Bitcoin startup.
Coinbase was founded in 2012 and is headquartered in San Francisco. Users of Coinbase can create their e-wallet and sell and buy bitcoins in exchange for US dollar at current market exchange rate. The e-wallet can be used for storing and transferring Bitcoins. Coinbase is sometimes referred as Paypal of Bitcoin, as it makes technicality of Bitcoins quite simpler for novice users. As of December 2013, company has 500,000 users and 16,000 merchant accounts. A of May 2013, Coinbase was servicing $15 million Bitcoin transactions per month.
Coinbase received $600,000 in seed-funding in September 2012. This was followed by $6.11 million funding through first professional round of venture capital funding Series A. Now company has raised $25 million through Series B round. It was led by Andreessen Horowitz along with participation from existing investors Union Square Ventures and Ribbit Capital. As per company, they are averaging for 10,000 signups per day.
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