Coinbase, a company founded by and former Yahoo CEO, Kevin Systrom, has raised a $10 million Series A round led by Draper Fisher Jurvetson, which is led by Andreessen Horowitz and Andreessen Media Ventures.

The company said in a press release that it was targeting “a significant increase in our user base” and aims to reach 100 million monthly active users in the first year of the new round.

Coinbase has recently launched an app, called Basket, which allows users to send and receive money via QR code.

The startup is also looking into a new product, which it said would allow people to exchange BTC for USD.

The money is backed by the venture capital firm Andreessen, the Draper Fisher, and the Draper Fund.

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About the author: Christopher Wray is a CNBC contributor and a senior investment strategist with a wealth management firm. Comments »