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- 1 Coinbase Ventures recently announced its strategic investment in Rocket Pool (RPL).
- 2 With this investment, it seems like Coinbase Ventures is making stronger relations with Rocket Pool.
Coinbase Ventures, a US-based crypto exchange, shared about its investment into Rocket Pool, a decentralized Ethereum staking pool on August 10, 2023, Thursday. Rocket Pool rests at 68th place among major cryptocurrencies in the world, having a market cap of nearly 552 Million. The network allows users to stake Ethereum (ETH) while retaining liquidity that is currently consisting of more than 3,100 node operators with over 780,000 ETH staked.
RPL token provides direct incentives, insurance, and governance for the Rocket Pool network. According to CoinMarketCap, a cryptocurrency price tracking site, at press time, the RPL token is trading at $28.16, up by over 1% in the last 24 hours. Meanwhile, in the past 24 hours, it marked a low of $26.91 while its high was at $28.78.
Coinbase Ventures Joining Rocket Pool
As a corporate investment arm of Coinbase, Coinbase Ventures has made its investment in the decentralized Ethereum staking protocol with the purchase of its native RPL tokens. The investment highlights the purchase of RPL tokens from the ecosystem’s team however the amount of RPL tokens are still undisclosed.
As per the official tweet shared by Coinbase Ventures on X (formerly known as Twitter), their purchase of RPL tokens was a “strategic investment.” In the X-thread, it added that “We’re honored to help support Rocket Pool’s long-term growth and look forward to engaging with and contributing to the Rocket Pool community in the years ahead.”
Exciting news to share: Coinbase Ventures recently made a strategic investment into @Rocket_Pool by purchasing RPL tokens from the Rocket Pool team.
— Coinbase Ventures 🛡️ (@cbventures) August 10, 2023
Coinbase Ventures further mentioned its plans this Onchain Summer, a multi-week celebration of on-chain art, gaming, music, and more, with the launch of BuildOnBase mainnet. They also believe “scaling Ethereum’s infrastructure in a safe, decentralized manner is critical to bringing the next billion users on-chain.”
Notably, the announcement took place after several months when Coinbase Ventures joined Rocket Pool’s Oracle DAO. According to Rocket Pool, Oracle DAO is the group of special Rocket Pool nodes. They are responsible for the administrative duties required by the protocol that can’t be achieved by Smart Contracts due to technical limitations.
About Coinbase Ventures
Coinbase Founders, Brian Armstrong and Fred Ehrsam founded Coinbase Ventures in April 2018 which aims to invest in seed-stage cryptocurrency and blockchain startups. However, with 29 assets in its group, its portfolio currently has a combined market cap of over $816 Billion.
The investment firm has made 338 investments while its most recent investment was on July 19, 2023, when Cymbal raised $18.5 Million. It has also made 17 diversity investments while having 11 exits. It has raised a total of $15 Million in a single venture fund, Fund I, that was announced on April 6, 2018.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
