Coinbase Ventures Expands Portfolio With Four Crypto Projects, Raises Over $20M

Coinbase Ventures, the investment arm of American crypto giant Coinbase, added four new crypto projects to its investment portfolio last month. The venture capital firm participated in funding rounds that raised a total of $20.7 million in May 2023. These investments include zkLink, Dolomite, Hourglass, and PYOR.

Altcoin Daily recently posted a video on Youtube that took a closer look at Coinbase Ventures’ recent investments. According to the data gathered by the crypto news channel, Coinbase Ventures participated in a strategic funding round for zkLink at the beginning of May. The unified multi-chain trading project raised a total of $10 million.

A week after funding zkLink, Coinbase Ventures participated in a funding round for Dolomite. The funding round was led by Draper Goren Holm, raising $2.5 million. Dolomite is a margin trading and lending protocol on Arbitrum. Coinbase Ventures invested an undisclosed amount in the DeFi project.

The third project Coinbase Ventures invested in was Hourglass, a protocol that offers a marketplace to trade locked-up DeFi assets. The DeFi startup, which raised $4.2 million in its seed round, lets users trade tokenized versions of their staked assets through a new concept called Time-Bound Tokens (TBT).

Coinbase Ventures’ last investment in May 2023 was in PYOR (Power Your Own Research). PYOR, which offers institutional-grade digital assets data and insights, secured $4 million in its seed funding round. According to Altcoin Daily, Coinbase believes the new investments could do “insanely well” during the next cycle.

Coinbase Ventures was set up by Brian Armstrong’s Coinbase in 2018. The investment arm has invested in over 400 crypto projects, some of the most popular being Uniswap, OpenSea, and Synthetix. The firm’s investments are divided into five categories, namely Protocols and Web3 infrastructure, Decentralized Finance, Centralized Finance, Platform and Developer Tools, and NFT/Metaverse/Gaming.

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