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Coinbase: Unlocking The Value Of Digital Currencies

By Todd Chaffee, Eric Liaw, Tom Loverro and Michael Giampapa

Decentralized digital currencies were inventions of science fiction until recently. Like flying cars, they seemed bound to remain forever a fanciful notion. However, in a relatively short timeframe, digital currencies have progressed from theory to global phenomenon. At the center of this global phenomenon, there is a new company dedicated to making digital currencies approachable, frictionless, safe and secure. Coinbase is the leading destination for consumers and institutions to acquire, store and trade their digital currencies.

Today, IVP is excited to announce our initial investment in Coinbase. IVP is the lead investor in a $100M Series D financing that will enable the Company to capitalize on its leadership position. Led by Co-Founder & CEO, Brian Armstrong, Coinbase has experienced unprecedented growth since its founding and has set a compelling vision for the future: unlocking the potential of digital currencies while creating a truly open financial system for the world.

IVP is a leading later-stage venture capital firm based in Menlo Park, CA, and we have been fortunate to partner with talented entrepreneurs to help build disruptive, market leading companies such as AppDynamics, Domo, Dropbox, Dropcam, HomeAway, Kayak, LegalZoom, Marketo, Netflix, Slack, Snap, SoFi, Supercell and Twitter.

Coinbase’s founding is the classic story of a dedicated entrepreneur taking a contrarian perspective and overcoming significant market challenges. There were countless reasons why Brian should have never quit his job at Airbnb and why the Company should have failed many times over. Yet, despite these challenges, Brian and his team overcame each impediment they encountered with an impressive combination of vision, ingenuity, hustle and hard work. Fast forward to today, and Coinbase is the clear market leader serving both consumers and institutions while operating at a truly impressive global scale.

It’s difficult to predict precisely how digital currencies will evolve over the coming years, but we believe the existential question of whether digital currencies will flourish and grow around the globe has been answered. Digital currencies are here to stay. Now the real question is how the digital currency markets will unfold in the years ahead. No one knows for sure, but we are confident that Coinbase will be one of the foundational companies in this exciting new market. We are honored to be investors in Coinbase and we’re thrilled to partner with them on this journey.

Todd Chaffee and Eric Liaw are General Partners at IVP, a later-stage venture capital firm based in Menlo Park, CA. Tom Loverro is a Principal and Michael Giampapa is an Associate at IVP.

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