Coinbase has raised $300 million in a new funding round.

Good evening. I'm Nick Day. You're listening to Late Confirmation from CoinDest,

bringing you to top stories from October 30th. Also on today's show, a local Bitcoins trader in the U.S. has played guilty to charges that he ran an unlicensed exchange business,

and a new Ethereum software client has been released

with an eye to enterprise business use. Stay tuned for more on these stories on today's show.

U.S.-based cryptocurrency exchange Coinbase has just announced $300 million in new funding.

The firm said Tuesday that the Series E equity round was led by Tiger Global Management,

while Y Combinator Continuity, Wellington Management, Andrescen Horowitz, Polly Chain, and others also participated.

By its own calculation, the major investment gives the company a, quote,

post-money valuation of over $8 billion, as part of its mission to drive adoption of cryptocurrencies

and digital assets. Going forward, Coinbase said the funds will be put toward international

expansion and developing infrastructure to support its exchange services. Additionally, it plans to offer

more crypto assets, I end quote, hundreds of cryptocurrencies, end quote, that may be supported

by the exchange platform. In the future, it added, quote, we will lay the groundwork to support

thousands. The developer that formalized the code underlying most initial coin offerings, Ethereum's

ERC 20 token standard, has proposed a new approach in a bid to make the funding schemes

more safe for would-be investors. Speaking in Prague on Tuesday at DevCon 4, Ethereum's annual

developer conference, developer Fabian Vogelsteller proposed a reversible ICO,

or RICO, that would allow token investors to take back their funds at any stage in that project's

lifespan. Specifically, the concept involves the creation of a special purpose smart contract

that allows investors to, quote, reverse their funding commitment, end quote.

You are able to withdraw to funds you committed at any point of time, and you do this by simply sending back your tokens, Vogelsteller told the audience. Once ITER has been refunded, other

...