Days after reports emerged that Tiger Global had led the $245 million round for payments platform Stripe, the firm has set its sights on cryptocurrency trading platform Coinbase.
The six-year-old company is in negotiations with Tiger Global to raise up to $500 million at an $8 billion valuation, per Recode.
Coinbase declined to comment on the deal.
Coinbase was most recently valued at $1.6 billion following a $100 million round in August 2017, though the company had previously valued itself at $8 billion amid acquisitions talks with cryptocurrency startup Earn, for which it paid $120 million in April.
Capital from the upcoming deal may be used to buy out shareholders. San Francisco-based Coinbase, a leading digital currency exchange, is backed by Andreessen Horowitz, Ribbit Capital, Union Square Ventures, IVP, Spark Capital, Greylock Partners, Battery Ventures, Section 32, Draper Associates and several others. It’s raised $225 million in equity funding to date.