Coinbase Inc. has raised $75 million Series C in a round led by DFJ Growth that included The New York Stock Exchange, USAA, BBVA (Brazil), NTT Docomo (Japan), Valar Capital Group, Vikram Pandit, Tom Glocer and Carlos Rodriguez Pastor.

Previous investors Andreessen Horowitz, Reddit Capital and Union Square Ventures also participated in the round.

The funding is the largest ever round for a Bitcoin startup.

Fred Ehrsam, a co-founder of Coinbase, told the New York Times that “Investors still have a pretty high conviction on Bitcoin despite what the spot price of Bitcoin is doing…this really is people putting their money where their mouth is in terms of betting on Bitcoin as a technology trend.”

Of particular note in the round is the involvement of The New York Stock Exchange, financial services firm USAA and the Spanish bank BBVA; all three are established financial sector companies and their involvement adds credibility not only to Coinbase, but the ever growing Bitcoin marketplace.

San Francisco-based Coinbase offers a range of Bitcoin payment services, including Bitcoin wallets, exchange and merchant services. The company had 1.8 million users and 37,000 merchants using its services as of December 2014.

Coinbase has been particularly successful in attracting big name players to its Bitcoin merchant service, most recently signing a deal with Time Inc. Other companies using Coinbase services include Dell and Overstock.

The fourth round for the company will brings total funding to $106.7 million, and follows from a round of $25 million in December 2014.

Photo: Josh Valcarce