Coinbase, a leading cryptocurrency exchange, has always been one of the highlights of the cryptocurrency space. The platform has yet again taken the spotlight with news of its venture fund investing in another blockchain project, Matic Network.
Coinbase Ventures is an early-stage venture fund launched by Coinbase in April 2018. This venture fund was launched mainly to focus on funding/ investing blockchain and cryptocurrency projects, with its first investment reported to be Compound Ventures, an Ethereum-based project.
An official announcement by Jaynti Kanani, the co-founder and CEO of Matic Network, stated that Coinbase Ventures was one of its seed investors. The blog post stated,
“We are pleased to announce Coinbase Ventures as our investor in our seed round. This investment is aligned with our goals to achieve adoption through better usability alongside scalability and will help us realize our vision to achieve scale for decentralized applications.”
To add on, Matic Wallet will be collaborating with Coinbase Wallet in order to improve usability, as the platform would be helping users to shift their assets from Ethereum to Matic. It would also help the platform’s decentralized application interaction with the Matic network in a secure and easy manner.
The announcement stated,
“Once the user’s assets are on Matic, they will be able to transfer and trade them on Coinbase Wallet instantly. Users can use DApps built on Matic directly on Coinbase Wallet’s browser or can use WalletConnect to access them through Matic Wallet.”
Matic would also be integrating stablecoins such as Circle’s USD Coin [USDC] and DAI, to better its network’s payment rails, and also tackle the volatility of the cryptocurrency market.
Notably, Coinbase Ventures has invested in over 30 blockchain and cryptocurrency-driven projects so far, with the most prominent ones being The Block, Etherscan, Dharma, and Alchemy.
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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.