Coinbase Ventures: Noteworthy Investments
Tracking VC investments can be highly profitable in any market condition. And among the key VCs, Coinbase Ventures takes center stage. This article marks the third segment of our comprehensive four-part series. Let’s dive in Coinbase’s best investments! Here is the first part of the article series.
Coinbase as a VC
Coinbase Ventures, the investment arm of the largest US-based CEX, Coinbase. According to data from Crunchbase, Coinbase Ventures has made 344 investments to date. Moreover, CoinGecko identifies Coinbase Ventures as the most active participant in the crypto investment landscape.
Coinbase Ventures is strongly inclined towards early-stage investments. It has 144 at pre-seed or seed stages and 199 at the early VC stages of Series A or B. Also, the venture arm has been involved in 25 later-stage VC deals and 4 venture growth deals.
Notably, Coinbase Venture’s historical ROI has been remarkable. Let’s explore some noteworthy projects that have captured Coinbase Ventures’ attention this year.
Obol Labs: Revolutionizing Staking Infrastructure
In January 2023, Coinbase Ventures contributed to the $12.5 million Series A round of Obol Labs. While Pantera Capital and Archetype co-led the round, the exact investment figure from Coinbase Ventures remains undisclosed.
Obol Labs is a frontrunner in developing Distributed Validator Technology (DVT). It is a groundbreaking solution addressing the vulnerability of single points of failure in staking infrastructure. DVT is also integral to Vitalik Buterin’s Ethereum roadmap.
This Series A funding infusion will propel the Obol Network’s roadmap, facilitating the integration of DVT into the Mainnet Ethereum. Furthermore, Obol Labs is committed to extending DVT’s advancements to other Layer 1 Proof-of-Stake blockchains like Cosmos. Additionally, it is contributing to the resiliency of sequencers within the Layer 2 ecosystem.
zkLink: Simplifying Multi-Chain Trading
In May 2023, zkLink concluded a significant $10 million strategic funding round, with Coinbase Ventures playing a pivotal role. This funding marks a crucial step in zkLink’s mission as a unified multi-chain trading infrastructure, connecting various Layer 1 and Layer 2 chains.
The overarching goal of zkLink is to simplify the intricacies of multi-chain trading while upholding robust security measures. As a unified multi-chain trading infrastructure secured with zk-SNARKS, zkLink empowers the next generation of decentralized trading products, including order book DEXs, NFT marketplaces, and more.
With the infusion of capital from Coinbase Ventures, zkLink will accelerate the development of its protocol, ensuring a more rapid adoption in the market.
Azra Games: Crafting Blockchain-Based Games
Coinbase Ventures played a significant role in Azra Games, participating in the $15 million Seed Round in May 2022 and an additional $10 million seed funding in February 2023. Azra Games, headquartered in Sacramento, CA, is dedicated to crafting top-tier, distinctive collectible and combat games on the blockchain.
Currently, the studio is working on its debut title, Legions & Legends, a mass combat strategy RPG. Azra Games plans to release the first version of its highly anticipated game later this year.
Mauve: Innovating Identity Management
In March…
Hot Take: Coinbase Ventures Continues to Make Strategic Investments
As a leading VC in the crypto investment landscape, Coinbase Ventures has made significant investments in various promising projects. From revolutionizing staking infrastructure with Obol Labs’ Distributed Validator Technology to simplifying multi-chain trading with zkLink’s unified infrastructure, Coinbase Ventures is actively supporting the development of innovative solutions in the crypto space.
Additionally, Coinbase Ventures’ involvement in Azra Games highlights its recognition of the potential of blockchain-based gaming and player-owned assets. By backing Azra Games, Coinbase Ventures is supporting the creation of top-tier games that leverage blockchain technology.
Overall, Coinbase Ventures continues to play a crucial role in shaping the future of the crypto industry through strategic investments in promising projects.
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