Given the enormous potential of the blockchain technology, it wouldn’t be far-fetched to say that it will play an integral part in developing the next major phase of the internet. This next phase has been dubbed “Web 3,” and is touted as a concrete system with proper operational procedures that gives the power back to the consumers and backs a new and dynamic period of internet-oriented innovations and the rise of more and better economic opportunities.
Coinbase’s Campaign For Crypto Adoption
As a popular crypto exchange, Coinbase is one of the many various entities making efforts to contribute to the campaign for the mass adoption of cryptocurrencies. As projected, mass crypto adoption would spur better and even more focused blockchain-based solutions, and Coinbase is at the forefront to make sure that happens.
To promote this drive, Coinbase is actively investing in this campaign. As such, the company has now raised over $300 million in the Series E round of its funding drives. Coinbase believes that such positive contributions will lead to great computer-based breakthroughs that will obviously upgrade the global financial system. The Series E round is facilitated by Tiger Global Management. Other participating entities include Polychain, Y Combinator Continuity, Andreessen Horowitz, and Wellington Management as well as a few more.
What Are The Funds For?
The financing drive is meant to meet a few very important goals – starting with the campaign to create a better technical infrastructure to smoothen up transactions between crypto and fiat markets. Also, the funds will be used to invest in operations to develop utility applications to support stablecoins on Coinbase. One such project is the development of a special Coinbase Wallet.
Next is the development of a concrete plan to list more cryptocurrencies on the exchange platform. There are hundreds of cryptos in the market right now, and Coinbase would like to play a part in the crypto market’s expansion by supporting these new coins. However, the listing process needs to be smooth and credible, and that kind of stuff needs money. Besides the cryptos, Coinbase aspires to be a great market player in custody offering. As such, part of the funds raised will be used in the campaign to rope in more institutions and channel more institutional funds into the crypto market.
In its blog announcing the Series E funding drive, Coinbase pulls an image of a dedicated company that puts cryptos first. As a matter of fact, the blog says as much.