Coinbase Ventures made a strategic investment in Rocket Pool and purchased RPL tokens.
With this investment from the investment arm of the crypto exchange, he joined Rocket Pool’s Oracle DAO and started operating “several hundred” Rocket Pool nodes using institutional ETH.
Coinbase’s investment arm invests in Rocket Pool
Coinbase Ventures, the investment arm of the US-based crypto exchange Coinbase, announced that it has invested in Rocket Pool. It has been announced that this unit has made a strategic investment in a liquid staking protocol called Rocket Pool. Rocket Pool allows individuals to fund their own Ethereum network validator nodes and earn rewards, while users who do not meet the minimum required can contribute to the funding of new validators.
Coinbase supported Rocket Pool by investing in the protocol’s RPL token. While the amount of this investment has not been disclosed, the current value of RPL tokens is $28.35, with a market cap of over $556 million. Coinbase stated that Rocket Pool is a prominent liquid staking network on the Ethereum network, allowing users to stake their ETH while providing liquidity. The Rocket Pool network adopts the principle of decentralization and consists of more than 3,100 node operators with over 780,000 ETH currently staked.
Coinbase also provided financial support by participating in Rocket Pool’s Oracle DAO, explaining that “We use ETH on our corporate balance sheet to operate several hundred nodes in the Rocket Pool network.” Coinbase also highlighted that it believes scaling Ethereum’s infrastructure in a secure and decentralized way is critical to bringing the platform to the next billion users.
