Coinbase is reportedly close to striking a deal with investment firm Tiger Global Management LLC that would make the San Francisco-based cryptocurrency company one of the highest valued startups in the United States at an $8 billion valuation.

According to tech news site Recode, citing anonymous sources familiar with the matter, Coinbase has been in discussions with Tiger Global, seeking up to a $500 million investment. The sources claim the $500 million would be split equally between being added to its treasury, and buying out existing investors, but add that the final amount raised has yet to be finalized.

Tiger Global is a global hedge fund that also invests in emerging tech companies, such as Spotify, Airbnb, and payments platform Stripe. Tiger Global’s interest bodes well for Coinbase and the future of the cryptocurrency market. Galaxy Digital CEO Mike Novogratz says that the deal will prove that cryptocurrencies were more than just a bubble, comparing Bitcoin to tulip mania.

“Here's the poster child of the crypto space worth $8 billion — that's a real company, and Tiger's not a flake of an investor. These are smart, savvy guys,” Novogratz explained while speaking at The Economist's Finance Disrupted conference yesterday.

Coinbase has been making headline after headline in recent weeks, hiring former Charles Schwab advisor Chris Dodds to its board of directors, announcing an update to its listing policy that could see thousands of new crypto assets added to its platform, and rolling out new educational products for cryptocurrency investors seeking to enter the space.

The company is using the bear market to build a strong foundation to support future growth, according to CEO Brian Armstrong. This year, Coinbase also rolled out a new custody product for institutional investors, formed a political action committee, and made a number of acquisitions to become a registered broker-dealer.