Updated at 6:40 a.m. PT with additional details from Coinbase.
The cash will be used, Coinbase says, “to continue driving mainstream, global adoption of Bitcoin” — a vague, self-serving goal, of course, but one that will likely benefit future startups in the Bitcoin space. At the very least, continued investor interest in Coinbase will encourage confidence in the volatile cryptocurrency.
“A significant part of mainstream adoption is taking Bitcoin beyond the U.S.,” a Coinbase spokesperson tells us, “especially to countries in the developing world. Coinbase expanded to 19 countries in 2014 and plans to be in at least 30 by the end of 2015,” the spokesperson said.
Coinbase says it has raised $106 million to date.