Coinbase, a US-based digital currency exchange, has raised $300m in a Series E equity funding round.

The round was led by Tiger Global Management. The move takes the company’s valuation to more than $8bn.

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Tiger Global was joined by Y Combinator Continuity, Wellington Management, Andreessen Horowitz, as well as Polychain in the new funding round.

Coinbase investment will accelerate global growth

The firm plans to use the new capital to support global expansion and add support for additional cryptocurrencies.

Using the funds, Coinbase also intends to build utility apps for crypto such as the recently launched USDC stablecoin.

At the same time, the firm plans to add crypto assets to its custody offering in a bid to bring institutional investors into crypto.

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Coinbase president and COO Asiff Hirji said: “Coinbase is, and will remain, a crypto-first company. More than anything, we’re proud of the millions of people that have turned to Coinbase as their entry-point into crypto. We take that responsibility very seriously. Coinbase will strive to be the easy, trusted way for anyone to get started with cryptocurrencies.

“We see Coinbase’s growth as validation that the ecosystem will only continue to grow in size, influence and impact — ultimately ushering in a more open financial system for the world.”