Interest in bitcoin has been skyrocketing again as the price of the digital currency has hit new highs. That only helps bitcoin startups in the eyes of investors.
One of these startups, Coinbase Inc., is in talks with potential investors on a new round of funding at a valuation of more than $1 billion, according to people familiar with the matter.
It is unclear which investors are committing to the round, which was described as targeting around $100 million or more. That would represent the largest funding round on record for venture-backed bitcoin companies. Coinbase representatives declined to comment.
As more individuals and institutions jump into the bitcoin currency-trading market, Coinbase has seen strong transaction volume and revenue numbers recently, amid a spike in bitcoin prices, these people said.
The San Francisco-based startup provides bitcoin-related services including a digital wallet for cryptocurrencies bitcoin, ethereum and litecoin. It also runs a bitcoin payment-processing platform for merchants.