Ethereum Ecosystem Altcoin Jumps in Price After Coinbase Ventures Invests in the Project

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An Ethereum (ETH) ecosystem altcoin noticed a worth leap 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 supposed to decrease capital and {hardware} must stake on ETH 2.0.

“Thrilling information to share: Coinbase Ventures not too long ago 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 time with the launch of Base mainnet, we consider scaling Ethereum’s infrastructure in a secure, decentralized method is crucial to bringing the following billion customers on-chain.

We all know the Rocket Pool staff shares this perception and we’re delighted to assist them through lively participation of their Oracle DAO (decentralized autonomous group) and utilizing ETH from our company steadiness sheet to function a number of hundred nodes on the Rocket Pool community alongside our mates 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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