Coinbase Receives $25 million Funding to Accelerate Bitcoin Adoption

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Bitcoin wallet platform – Coinbase – has received a $25 million cash injection. The funding was led by venture capital firm Andreessen Horowitz raising the total funding for Coinbase to $31 million. Coinbase is the most widely used Bitcoin service in the US, handling bitcoin transactions for major web companies including Reddit and Khan Academy. 600,000 consumer bitcoin wallets are currently registered on the platform with an average of 10,000 new sign-ups everyday.

“We think Coinbase can significantly accelerate bitcoin’s proliferation, and as that happens the Internet will enter a new phase of invention and opportunity.” – Chris Dixon, from the Andreessen Horowitz team.

Bitcoin exchanges have been experiencing a fluctuation in prices with current prices sitting at $850 per Bitcoin. China announced a ban on the digital currency in an effort to fight money laundering and maintain financial stability. The Bank of America however trusts the Bitcoin network’s ability to mitigate this kinds of threats and cites Bitcoin as a major means of payment in e-commerce and a potent competitor to traditional money transfer providers.

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