In May 2023, Coinbase Ventures, the investment branch of the American cryptocurrency giant Coinbase, increased its crypto investment collection by including four new crypto projects. The venture capital firm contributed to funding rounds that raised a grand total of $20.7 million. The four crypto projects that Coinbase Ventures invested in are Dolomite, Hourglass, PYOR, and zkLink.
If you’re in crypto, you’ve heard of Coinbase.
Their investment arm, Coinbase Ventures, was founded in 2018 and invests in crypto projects that foster the growth of the virtual asset economy. pic.twitter.com/4wGJAHnmRp
— dLux (@dLuxGMI) May 31, 2023
In early May, zkLink, a trading venture that functions on several chains, secured $10 million in a funding round that featured Coinbase Ventures as one of the contributors. Shortly thereafter, Coinbase Ventures contributed to another funding round for Dolomite, a protocol for margin trading and lending on Arbitrum. This particular funding round was led by Draper Goren Holm, and raised $2.5 million, with an undisclosed amount invested by Coinbase Ventures in the DeFi project.
Moreover, Coinbase Ventures has also invested in Hourglass, a protocol that provides a platform for trading DeFi assets that are locked up. Hourglass is a DeFi startup that has raised $4.2 million in seed funding. It allows users to trade tokenized versions of their staked assets using Time-Bound Tokens (TBT), which is quite a new concept.
In May 2023, PYOR (Power Your Own Research) received a $4 million seed funding round investment from Coinbase Ventures. PYOR offers digital assets, institutional-level data and insights.
Some Other Noteworthy Investments
Earlier, Coinbase Ventures had invested in FTX, a cryptocurrency exchange, in 2021. Regrettably, FTX filed for bankruptcy in the United States in November 2022, resulting in Coinbase Global Inc writing off its venture arm’s investment in FTX.
Furthermore,Tiger Global had also added Coinbase to their investment portfolio, a company that has gained significant attention. However, the macroeconomic situation of 2022 has had a significant impact on Tiger Global, resulting in a 50 percent decrease in their primary fund after fees during the second quarter. Additionally, one of their funds that focuses solely on a long-term strategy has experienced a decrease of 63.6 percent after fees.