12 Dec '13, 11am

Coinbase Raises $25M From Andreessen Horowitz To Build Its Bitcoin Wallet And Merchant Services

Coinbase has raised $25 million in a Series B round led by Andreessen Horowitz in the largest funding to date for a company focused on the Bitcoin digital currency. Existing investors Union Square Ventures and Ribbit Capital also participated. Coming out of Y Combinator last year, Coinbase provides a wallet and payment processor for merchants, analogous to what PayPal created a decade ago to provide a simple online means for transactions. Coinbase now has around 600,000 consumer wallets, according to co-founders Fred Ehrsam and Brian Armstrong. That’s up from 130,000 it announced in May alongside its first venture round of $5 million from Union Square Ventures. This growing number of Bitcoin users might make it especially attractive as a payments processor to merchants, of which it already has 16,000, as it would allow them to manage all Bitcoin transactions in a single pl...

Full article: http://techcrunch.com/2013/12/12/coinbase-raises-25m-from...

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