Coinbase Ventures – the investment-focused branch of crypto exchange heavyweight Coinbase – is reportedly supporting a layer-one blockchain, looking to offer full-service DeFi to the Polkadot ecosystem.
Specifically, the weight Coinbase threw behind will be for Acala – the Ethereum Virtual Machine-compatible blockchain designing numerous Polkadot-based DeFi capabilities, and also for Karura, which is creating a DeFi ecosystem on Kusama.
Acala has reportedly finished the design for four core features for the Polkadot ecosystem: Liquid DOT staking, a stablecoin, an automated market maker decentralized exchange and a sovereign wealth fund.
Particular funds dedicated to both Acala and Karura from Coinbase are yet to be revealed.
Dan Reecer, Acala’s VP of growth, reportedly shared that both Acala and Karura are ready for official release, which means the above features will be rolled out to users starting day one.
“The Acala team’s path to launch is multi-fold and incorporates the support of its community. The team will first need to win a parachain slot auction on Kusama to launch Karura, then will need to win a parachain slot auction on Polkadot to gain a slot for Acala to launch.” Reecer further provided explanations regarding the release process.
Polkadot and Kusama are reportedly moving closer to the auction stage for their first parachain slots.
Obtaining support from Coinbase is reportedly considered a noteworthy achievement, taking into account the variety of successful initiatives the VC has backed previously.
A few of Coinbase Ventures’ most prominent investments include BlockFi, Compound, and Etherscan.