Coinbase Ventures, the investment arm of Coinbase, shared the details of its $6 billion investment fund for 2023. The company is committed to investing in early-stage crypto projects throughout 2023.
Coinbase Ventures commits $6 billion for early-stage projects
Renowned venture capital Coinbase Ventures has demonstrated its commitment to invest in early-stage projects throughout 2023, despite the challenging regulatory and operational environment. cryptocoin.comAs you followed on, Coinbase faced SEC lawsuit on June 6th. The lawsuit in question came just one day after the Binance lawsuit.
Coinbase Ventures’ reputation is based on its investments in 2018. This $6 billion fund will continue to flow into early-stage projects in 2023. Twitter’s @Flowslikeosmo lists a few altcoins that share this pool.
Here are the early-stage crypto projects that Coinbase Ventures has invested in
Maverick Protocol (MAV)
The Dynamic Distribution Automated Market Maker (AMM) of the Maverick Protocol has received significant attention. This protocol enables more efficient use of liquidity compared to traditional Concentrated Liquidity AMMs. With a current total locked value (TVL) of $56.1 million, Maverick Protocol holds great promise for further growth.
Connect Network
Connext Network aims to address the sharding issue. The cryptocurrency project aims to create a more scalable Web3 ecosystem by creating Web3 interconnection tools. The leading product of the project, which raised $7.5 million, is Chain Abstraction. This product empowers users to deposit liquidity, buy NFT, deposit ETH, pay fees and participate in token distribution events from any network.
Demox Labs
Demox Labs, the team behind Leo Wallet, has raised $4.5 million from leading venture capitalists. Created using Zk technology, Leo Wallet ensures user privacy while remaining completely unattended. The growth of Leo Wallet represents a pivotal moment for privacy-focused startups and early-stage use cases of zk technology.
hourglass
Hourglass focuses on building infrastructure for Timed Tokens (TBTs). This project developed an ecosystem where users can receive and stake TBTs. Hourglass encourages longer-term liquidity, allowing protocols to provide flexibility and additional rewards to users. The functionality has already been launched for projects such as Frax Finance and Convex Finance. There are currently plans to further expand these projects.
dolomite
Dolomite is a pioneering DeFi protocol that combines the strengths of the SEC and a lending platform. Here users can access loans, margin trading, spot trading. Raising $2.5 million, Dolomit is integrating with key players in the DeFi space such as Pendle Finance, PlutusDAO, and CamelotDEX. It also positions itself as a tough player in the market.
EigenLayer
EigenLayer is an Ethereum application that introduces the concept of resharing. Meanwhile, it raised $50 million in funds in March. It is currently developing new technologies to add to the scalability of Ethereum.
Violet Identity
Violet Identity is a DeFi project that combines the advantages of self-regulation and decentralization. The team behind it sets standards for projects that want to be included in Web3. Thus, it aims to bridge the gap between traditional finance and the decentralized world. Raising $15 million, Violet Identity is currently developing the first DEX built with full compatibility in mind, using the Violet Identity protocol.
Azra Games
Finally, Azra Games, creators of the upcoming crypto game Legions Legends, raised $10 million in February to prepare for the game’s launch. An NFT-themed game based on the popular League of Legends, Legions Legends taps into the immense potential of the gaming industry. Additionally, it showcases the growing intersection between blockchain technology and gaming.
Meanwhile, Coinbase Ventures isn’t the only one focusing on gem projects for investment. Binance’s investment arm, Binance Labs, is following a similar pattern. cryptocoin.com As Binance Labs, we have included the investments made by Binance Labs in 2023 in this article.
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