Coinbase Ventures strengthens its partnership with Rocket Pool by investing in the protocol and voting on oDAO proposals. Rocket Pool, the Ethereum staking platform, has just announced on its Discord that Coinbase Ventures is investing directly in the DeFi protocol.
“We are pleased to announce that Coinbase Ventures is strengthening its partnership with Rocket Pool through a direct investment in RPL, in addition to proposed participation in oDAO,” according to the investment fund. Coinbase Ventures also intends to use RPL and ETH to launch its own mini pool, Rocket Pool.”
As a result, in addition to investing in the staking platform, Coinbase will have a significant vote in the oDAO for project decisions. Furthermore, the exchange will establish a separate pool for the RPL-rETH token pair. The project, however, has not disclosed the exact amount of investment.
Rocket Pool, which was launched in November 2021, positions itself as a staking solution for the Ethereum blockchain, allowing users to participate in running a node in Ethereum’s decentralized system or launch their own node. Rocket Pool recently achieved a $ 1 billion locked value (TVL) after less than two years of operation. RPL is currently trading around $50, up 10% in the last 24 hours.
Following enforcement actions this month against Kraken and Paxos, Coinbase CEO Brian Armstrong recently stated that he was in Washington to press for clearer regulations as industry uncertainty grows.
Previously, Armstrong claimed to have heard that the Securities and Exchange Commission of the United States wants to prohibit ordinary investors from participating in cryptocurrency staking, the revenue-generating strategy at the heart of operating blockchains such as Ethereum.
The crypto community is waiting for “signals” from the authorities following the SEC’s strict regulation with the issuance of a penalty for the Kraken exchange as well as a warning to Paxos, the issuer of stablecoin BUSD. This is a problem that will affect later “limits” on exchange services.
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