Cryptocurrency exchange Coinbase today revealed it had raised an additional $300m (£236m) of investment in a series E round led by Tiger Global Management.

The move takes the company’s valuation to over $8bn, at a significant leap from its last valuation of $1.6bn last summer.

The round was supported by Y Combinator Continuity, Wellington Management, Andreessen Horowitz and Polychain.

Coinbase said it will use the funding to “accelerate the adoption of cryptocurrencies and digital assets” through global expansion, offering support for more coins and bringing institutions on board.

The firm recently opened an office in Dublin, expanding out of its UK base in London to be better prepared to serve its European customers post-Brexit.

Despite the recent fluctuations in the price of cryptocurrencies and its continued fall from 2017’s high, president Asiff Hirji said the firm stands by its belief that crypto will “build the next great phase of the internet”.