Coinbase receives additional $25 million in funding

US Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term processor Coinbase, has gained an additional $25 million in their second round of funding. The investment was led by California based venture capital firm Andreessen Horowitz.

The new investment brings Coinbase’s total to $31.9 million in seed funding. This is the largest investment for any Bitcoin firm. Coinbase is growing at a fast rate and has gained over 400,000 users since August, resulting in over 600,000 Coinbase wallet holders.

“This funding solidifies our position as the largest and fastest growing bitcoin service in the US. We plan to use the funds to expand our team, continue to educate the market, and promote the mainstream adoption of bitcoin,” Coinbase released in a statement on the investment.

Coinbase co-founder Fred Ehrsam mentioned Coinbase’s plans are for the near future with the new funding. The funds will help Coinbase to continue the development of their ecosystem, making it easier to buy and sell, as well as purchasing with Bitcoin. Coinbase will also be working on securing more world-class merchants and vendors.

Coinbase also announced the addition of a new member to their team in the form of Bitcoin developer Gavin Andresen in an advisory role. Andersen added that Coinbase is a “critical piece of the Bitcoin infrastructure”. Anderson also serves as Chief Scientist at the Bitcoin Foundation.

Coinbase is the largest Bitcoin service provider in the US, and is averaging over 10,000 new wallet users every day. Coinbase provides services to over 16,000 merchants including, OkCupid, Khan Academy, and reddit.

Time Magazine named Coinbase the second most-exciting startup of 2013.