Crypto Coins Deal With Coinbase to Pay $5 Million to Investors in a Crypto Sale
The Crypto Coins Group, a blockchain and crypto-assets company, announced a $5 million investment by the online payment company Coinbase.
The investment, announced on Twitter, was made in support of the startup’s acquisition of the platform that helps facilitate transactions in the cryptocurrency.
The company, which also recently announced a partnership with Facebook and Apple, will work to create an automated platform to allow people to securely store and trade crypto assets in a way that avoids fees and other trading risks.
“The purchase will enable the Crypto Coins group to increase its liquidity, scale, and leverage the network to offer an innovative and secure digital asset exchange for customers around the world,” the company said in a statement.
“We are excited about the future of Crypto Coins and its potential to be a leading cryptocurrency asset exchange.”
Coinbase, founded in 2013, is one of the leading cryptocurrency platforms, but it has struggled to compete with the likes of Coinbase, Bitfinex, Kraken and others.
The two-year-old company said last year that it had $20 billion in market cap.
The announcement comes on the heels of the company’s announcement last month that it would acquire Ripple Labs for $38 million, bringing the total cryptocurrency assets traded on the platform to $3.5 billion.