When will Coinbase enter the Japanese market? Fundraising 34 billion yen for a "rainy day"!
When CoinDesk interviewed Emily Choi, vice president of the corporate & business development division (a Coinbase executive), she revealed thatCoinbase had raised approximately 34 billion yen to pursue the goal of “on rainy days.”
“We want to have money on rainy days so we can act on any opportunity that is truly important.”
Quotation: coindesk「Coinbase’s Emily Choi: $300 Million Financing Was a “Rainy Day” Event」
Overview of Coinbase’s Approximately 34 Billion Yen Financing
First, the United States’ largest cryptocurrency exchange Coinbase announced on October 30 that in a new funding round it raised $300 million (about 34 billion yen), valuing the company at $8 billion (over 900 billion yen).
On October 30 we raised $300 million to accelerate adoption of crypto funds and digital assets, and received a valuation of over $8 billion.
Quotation: translation by Japanese coindesk「Coinbase’s Emily Choi: $300 Million Financing Was a “Rainy Day” Event」
The four aims Coinbase pursued with this financing are considered to be the following.
- Global expansion
- Offering multiple cryptocurrencies (increasing the number of traded assets)
- Utility applications for encryption (such as Coinbase Wallet)
- Encryption for institutions (enhanced security, added features)
Cryptocurrency exchange Coinbase is a company that has proactively embraced crypto and aims to provide a trustworthy platform that makes it easy for anyone to start using cryptos.
Therefore, given Coinbase’s fundraising, attention will be on Coinbase’s future moves.
What does “Rainy Day” mean?
Emily Choi, vice president of Coinbase’s corporate & business development, commented to CoinDesk as follows.
We want money for rainy days. So we won’t miss important opportunities.
Quotation:COINTELEGRAPH “Funding is for Rainy Days” Coinbase executives / Japan is “quite bullish”
The “important opportunities” refer to the above-mentioned “offering multiple cryptocurrencies (increasing the number of traded assets).”
In other words, “rainy days” means Coinbase is aiming to increase the number of cryptocurrencies it currently trades.The reason is that the number of cryptocurrencies Coinbase currently handles is seven, as listed below.
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Litecoin (LTC)
- 0x (ZRX) — started from October 17
- USDC (stablecoinstablecoin) — listed on October 26
As you can see above, the number of cryptocurrencies Coinbase trades is relatively small for a globally active crypto exchange.
Moreover, considering that Binance, the world’s largest crypto exchange, trades more than 1,000 kinds of cryptocurrencies, expanding the number Coinbase handles is clearly anticipated.
Another reason is that Coinbase ranked first in ICOrating.com’s security ranking in October, so expanding the number of assets may be part of its strategy.
Is Coinbase’s aim to enter Japan?
Another stated aim of Coinbase’s fundraising is to enter the Japanese market.
Emily Choi on Japan.......................More here ⇩
>>>See on the official website of Cryptocurrency Trivia
