Bitcoin wallet company Coinbase has raised $25 million in Series B funding led by Andreessen Horowitz. This is one of the largest venture capital based investments made into a Bitcoin-related company. Coinbase has previously raised $7 million in funding.
Previous investors Union Square Ventures and Ribbit Capital also participated in this round of funding. Union Square Venture?s Fred Wilson and Andreessen Horowitz?s Chris Dixon are joining Coinbase’s board of directors. Coinbase currently has 8 employees, but will be hiring several more.
Coinbase lets Bitcoin users store digital currency in the cloud and they currently hold over 600,000 Bitcoin wallets. The company also helps users buy and sell Bitcoins.