Things just got very interesting in the bitcoin space. Andreessen Horowitz, never a firm to shy away from large bets, just invested $25MM into Coinbase. It looks like other current investors including Union Square Ventures and Ribbit Capital were also a part of the Series B raise. The story from AllThingsD:
“If you’re a bitcoin doubter, you might want to turn away. The doors to venture funding in bitcoin startups are about to swing wide open.
Andreessen Horowitz has led a $25 million Series B investment in San Francisco-based Coinbase, the companies are announcing today, in what may very well be the largest-ever venture investment in a bitcoin-related company. Coinbase previously raised nearly $7 million.
Existing investors Union Square Ventures and Ribbit Capital will contribute some cash, as well. And Union Square’s Fred Wilson and Andreessen Horowitz’s Chris Dixon are taking seats on Coinbase’s board of directors.”
Coinbase founders Brian Armstrong and Fred Ehrsam (AllThingsD)