Coinbase Manages to Raise $25 Million in Series B Funding

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Popular bitcoin buying and selling house Coinbase has announced that they have secured $25 million in series B funding. At the forefront of the funding is Andreessen Horowitz, a Silicon Valley venture capitalist firm. Gavin Andresen (who should not be confused with Marc Andreessen of Andreessen Horowitz) will be hopping aboard in an advisory position, as well.

That brings the total raised by the company to a whopping $31.9 million, making it the most invested-in bitcoin-related company out there.

“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,” said the company in a statement. They also plan on using the funds to expand their customer referral programs.

Approximately 600,000 people are using Coinbase’s wallets service (which has increased from 200,000 in August). Coinbase sees, on average, 10,000 sign-ups per day and works with upwards of 16,000 merchants to process bitcoin transactions. The company has taken the number 2 position in Time’s ‘Top 10 exciting start-ups‘ of 2013. (via CoinDesk)