Digital currency exchange startup Coinbase is set to raise somewhere around $100 million at a valuation of more than $1 billion, according to The Wall Street Journal. The report comes a few weeks after the price of bitcoin surpassed the $2,000-per-coin mark for the first time, reaching an all-time high of $2,805 on the Coinbase exchange. The price has since stabilized to about $2,400 per coin.
Coinbase operates a digital wallet and platform where consumers can transact with digital currencies such as bitcoin and ethereum, another digital currency that’s growing in popularity. The funding is set to become the largest VC round in history for a bitcoin startup and will make Coinbase the first company of its kind to reach unicorn status, per PitchBook data. It’s also the best-funded company in the industry, with a previous total of $117 million in VC funding. Investors in the San Francisco-based company include Andreessen Horowitz, Ribbit Capital and Union Square Ventures.
