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Leading cryptocurrency exchange Coinbase is in the final stages of a deal with Tiger Global, which could usher the company’s value to nearly $8 billion. If finalized, the partnership with Tiger Global will make Coinbase one of the highest-valued startups in the US.

According to Recode, Coinbase is in the final stages of closing an investment deal from Tiger Global worth $500 million. Coinbase is expected to put half of these funds into private holdings while using and unspecified amount of the remaining $250 million to buy out existing investors.

Despite downturns in the cryptocurrency market over the last year, Coinbase has continued to prosper. The exchange was valued last summer at $1.5 billion. While the company’s core business has suffered, Coinbase has taken several key steps forward this year in broadening its reach to international and institutional investors. Coinbase CEO Brian Armstrong has said that his company isn’t worrying itself with momentary peaks and valleys in trading volume and is focusing instead on “building an open financial system for the world.”

Coinbase disclosed earlier this year while in discussion with investors for a potential secondary stock sale that the company has been profitable for nearly all of 2018. Indeed, the secondary stock sale, if launched, would add even more money to the company’s value, while also providing an opportunity for current investors to cash out on profits. Recode reports that outside interest surrounding the sale has gotten so intense that Coinbase has had to issue a warning to dealmakers to not harass company shareholders.

While talks surrounding a secondary stock sale have lost traction in recent months, the new partnership with Tiger Global adds even more credibility to Coinbase’s multi-billion dollar pedigree. The New York-based investment firm has an impressive track record of big deals with consumer-facing brands across the world, and a deal with Coinbase would represent Tiger Global’s first entry into the world of cryptocurrency.

All the activity surrounding Coinbase may soon reach a climax as its rumored that the company might possibly be preparing for an IPO. Indications of good governance are key for a successful IPO campaign, and Coinbase faced a setback earlier this year after losing its independent director David Marcus to Facebook. However, Coinbase is rebounding on this front after announcing on Tuesday that it had added Charles Schwab’s Chris Dodd to its board of directors.

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