Coinbase Ventures Makes Multiple Investments in May 2023, Backing Promising Blockchain Projects
According to data from Crunchbase, Coinbase Ventures, the investment arm of the largest US-based cryptocurrency exchange Coinbase, has an impressive track record with a total of 329 investments to date. Their most recent investment occurred on May 18, 2023, when PYOR successfully raised $4 million.
Established in 2018, Coinbase Ventures has actively diversified its investment portfolio, supporting 16 different projects across the blockchain industry. Notably, Coinbase has been at the forefront of advocating for favorable regulations in the United States.
During the previous month, Coinbase Ventures made significant contributions to various companies:
- ZK Link: In early May 2023, ZK Link secured $10 million in a strategic funding round led by Coinbase Ventures. ZK Link aims to create a unified multi-chain trading infrastructure, connecting different Layer 1 and Layer 2 chains. Coinbase Ventures’ investment of $10 million contributed to ZK Link’s total funding of $18.5 million to date. The company’s vision is to simplify multi-chain trading while maintaining a high level of security.
- Dolomite: A week later, Coinbase Ventures completed another funding round, investing $2.5 million in Dolomite. Dolomite is a protocol built on Arbitrum, focusing on composable margin trading and lending. By unifying the decentralized finance (DeFi) ecosystem and fostering integrations, partnerships, and innovative features, Dolomite aims to unlock dormant capital within the industry.
- Hourglass: Coinbase Ventures participated in a seed round that raised $4.2 million for Hourglass. The protocol is developing a marketplace for trading time-bound tokens (TBT), which are staked assets in DeFi protocols. Hourglass aims to empower protocols to incentivize long-term usage while providing users with flexibility and liquidity.
- PYOR: The final investment of the month from Coinbase Ventures was in PYOR (Power Your Own Research), contributing to a $4 million seed round. PYOR aims to provide institutional-grade digital assets data and insights, addressing the demand for effective data infrastructure in the trillion-dollar market cap industry and facilitating institutional participation.
Coinbase Ventures continues to drive innovation and support promising projects within the blockchain space, contributing to the growth and development of the cryptocurrency ecosystem.