Fortnite’s funding royale, China struggles and Coinbase gets a boost to $8 billion

Coinbase, which is now valued at a whopping $8 billion by investors that provided the company with $300 million in new funding, even as the value of most cryptocurrencies continues to fall through the floor.
What will Coinbase look like when it’s all grown up? Investors like Tiger Global, Wellington Management and Y Combinator clearly have a better idea than we do, but we took at a stab at it anyway!
Last but not least, we definitely dished about IBM and the major feat it pulled off last weekend, which was to close the largest software acquisition in history by announcing its intention to acquire open-source cloud provider Red Hat for $34 billion. Not only does it change the dynamics of the cloud wars between IBM, Google, Amazon and Microsoft, but the deal is also very much about open source, as Twohig noted.
Not discussed, but still interesting: how deeply satisfying the deal must be for Red Hat’s founders, one of whom, former CEO Bob Young, was reportedly unemployed and working out of his wife’s sewing closet when he started Red Hat in 1993.

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