An Ethereum (ETH) ecosystem altcoin noticed a worth soar on Thursday after Coinbase’s enterprise capital arm introduced a strategic funding.
Coinbase Ventures introduced on Thursday that it’s investing in Rocket Pool (RPL), a decentralized Ethereum staking pool meant to decrease capital and {hardware} must stake on ETH 2.0.
“Thrilling information to share: Coinbase Ventures just lately made a strategic funding into Rocket Pool by buying RPL tokens from the Rocket Pool staff.”
The RPL token is used for governance and collateral.
Coinbase Ventures says it admires the Rocket Pool staff’s “dedication to constructing one of many largest, decentralized staking networks over the previous 6+ years.”
“Along with our efforts this On-chain Summer season with the launch of Base mainnet, we imagine scaling Ethereum’s infrastructure in a protected, decentralized method is essential to bringing the subsequent billion customers on-chain.
We all know the Rocket Pool staff shares this perception and we’re delighted to help them by way of lively participation of their Oracle DAO (decentralized autonomous group) and utilizing ETH from our company stability sheet to function a number of hundred nodes on the Rocket Pool community alongside our pals Unit 410.”
RPL is buying and selling at $28.57 at time of writing. The 77th-ranked crypto asset by market cap is up greater than 5.5% prior to now 24 hours. The token, nevertheless, nonetheless stays almost 54% down from its all-time excessive of $61.90, which it set in April.
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