Coinbase, the cryptocurrency exchange based in San-Francisco which is worth $1.6 billion is launching a venture fund to create an open financial system for the world. They have been digging out their business beyond trading, breaking into custody, and now VC investing but have decided to not invest in security tokens immediately.
This venture fund is set to invest in companies changing the world of finance. Coinbase will financially support the early stage companies with teams and ideas that can move space forward in a positive and meaningful way.
Asiff Hirji, President and Chief Operating Officer of Coinbase quoted while talking to CNBC’s ‘Fast Money’:
“Here at Coinbase, we’re committed to creating an open financial system for the world. We are going to invest off our balance sheet into crypto companies, we will invest in companies that are in the space and are aligned with our values.”
The seed-stage investments for the fund are supposed to begin this week and will help companies and Founders in the cryptocurrency and blockchain space to get off the ground while focussing on building relationships within that ecosystem.
The company stated:
“In order to do that, we could be investing in our own competitors. We are considering a long-term view and believe that multiple approaches are healthy and good.”
Kabir Shahin, a Twitterati commented:
“Just another money grab and all bullish news for the space.”
Adding a new coin to Coinbase will probably get them more buyers but the company is not adding any at the moment. They will consider listing more assets once there is a better regulatory clarity.
Jason Romero, a market observer says:
“Ethereum and Ripple had done the same thing previously and now its Coinbase. Not sure if everybody is actually donating money or making money for themselves in the name of charity. Hopefully, Coinbase does not misuse this and actually does something good.”
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