Following the day’s Yield Guild Games (YGG) investment news, Coinbase has confirmed its partnership with an Ethereum-based staking platform.
Coinbase strengthens ties with Ethereum staking protocol
Coinbase Ventures, the investment arm of centralized crypto exchange Coinbase, is strengthening its partnership with Rocket Pool (RPL) by investing in the protocol and voting on oDAO proposals. Ethereum staking platform Rocket Pool has announced via Discord that it is investing directly in the DeFi protocol of Coinbase Ventures.
As a result, Coinbase will have a significant vote in oDAO for project decisions as well as investing in the staking platform.
Rocket Pool (RPL) gained double digits
Ranked 52nd by market value, RPL gained more than 20% after the announcement. Price action helped it hard break the $50 zone, which it last reached on February 10. RPL is currently trading around $53. His last 24-hour earnings are still around 10%.
Partnerships like this are becoming increasingly important in the development of DeFi and other decentralized blockchain-based solutions. It will be interesting to see what other collaborations and investments Coinbase Ventures and Rocket Pool bring in the future. In the meantime, let’s mention that the staking platform recently reached $1 billion TVL after two years.
What does the Coinbase partnership provide to Rocket Pool?
The investment will give Coinbase Ventures a significant stake in the future growth and development of Rocket Pool, including the creation of a new pool for the RPL-rETH token pair. The investment will see Coinbase Ventures acquire RPL tokens, which will also allow it to participate in key voting decisions within oDAO. Also, Coinbase Ventures plans to use RPL and ETH to create a mini pool for Rocket Pool.
According to the mutual fund, “We are pleased to announce that Coinbase Ventures has strengthened its partnership with Rocket Pool through a direct investment in RPL alongside proposed participation in oDAO. Ventures also plans to use RPL and ETH to launch its own mini-pool, Rocket Pool.”
Launched in November 2021, Rocket Pool is positioning itself as a staking solution for Ethereum, allowing users to participate in running nodes on Ethereum’s decentralized system or start their own node operators. However, as with all other staking protocols, it remained in a risky situation with the latest regulations from the USA.
SEC may ban staking coins
Earlier, Ben Armstrong, CEO of Coinbase, claimed to have heard that the SEC wants to ban investors from participating in cryptocurrency staking. cryptocoin.com As we conveyed, the expected decision came this week. The SEC has announced that crypto exchange Kraken will ‘immediately’ terminate its staking platform and pay $30 million.
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