Coinbase's Investment Arm Finances Six Onchain Projects, Promotes Innovation - Coinbase Global (NASDAQ:CO

Coinbase Ventures announced an initial round of investments into six projects from the Base Ecosystem Fund, including Avantis, BSX, Onboard, OpenCover, Paragraph, and Truflation.

The investment amounts remain undisclosed.

Coinbase Ventures, the venture capital arm of Coinbase (NASDAQ:COIN), aims to invest in seed-stage cryptocurrency and blockchain startups.

Also Read: Coinbase-Incubated Base Faces Major Outage, Assures 'No Funds Are At Risk'

The investments underscore the rapidly growing crypto and digital assets sector and a main focus oat Benzinga's Future of Digital Assets conference on Nov. 14 in New York City.

As for the projects Coinbase is backing:

Avantis and BSX are protocols for on-chain trading on Base; Avantis will launch an oracle-based synthetic derivatives protocol while BSX seeks to democratize on-chain trading with its decentralized limit order book.
Onboard is developing a self-custodial wallet aimed at emerging markets. It is significant for developing markets, especially in Africa where it is headquartered.
Paragraph is creating an on-chain platform for content where creators can publish, share, and monetize their content.
OpenCover is working on insurance aggregation for Layer 2 protocols and partners with Nexus Mutual. It initiates the provision of on-chain insurance options at the point of transaction reducing risk levels.
Truflation plans to deliver independent daily inflation data including CPI. It compiles data from more than 18 million data points and 40+ sources in real time.

What is Base Ecosystem Fund?

Base Ecosystem Fund backs early-stage projects operating on its incubated Base network. The company stated that its ecosystem fund has received over 800 funding applications.

The six funds selected from a huge base of funding applications mark Coinbase Ventures’ interest in promoting economic freedom and innovation. The strategic move seeks to promote flourishing on-chain innovations and expand the reach of decentralized technologies.

This week, Coinbase launched a cryptocurrency lending service for U.S. institutional investors. The Prime new lending venture noted a significant $57 million investment from institutions.

Read Now: Coinbase Capitalizes On Institutional Lending Gap Left By BlockFi, Genesis

Image: Coinbase

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