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Coinbase has raised $25 million in a Series B round led by Andreessen Horowitz in the largest funding to date for a company focused on the Bitcoin digital currency. Existing investors Union Square Ventures and Ribbit Capital also participated.
The round brings the total raised by Coinbase up to $31 million.
Coming out of Y Combinator last year, Coinbase provides a wallet and payment processor for merchants, analogous to what PayPal created a decade ago to provide a simple online means for transactions.