Coinbase Raises $100 Million, Reaches Milestone of $25 Billion in Digital Currency Exchanged

Coinbase has raised $100 million.

The Series D funding was led by IVP, with participation from Spark Capital, Greylock Partners, Battery Ventures, Section 32, and Draper Associates.

“This represents a major milestone for our mission to create an open financial system for the world,” said cofounder Brian Armstrong.

Coinbase experienced “unprecedented growth” over the last year, according to Armstrong, who added that the company has now exchanged $25 billion of digital currency for customers.

Armstrong says the round of capital will be used to further scale the company through expanding its engineering and customer support teams and opening an office in New York.

Coinbase was founded in 2012. It supports volatile cryptocurrencies like Bitcoin, Ethereum, and Litecoin in 32 countries.