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Coinbase Creates Venture Fund to Support Promising Cryptocurrency Companies

· 07 Apr 2018 in Cryptocurrency News, Home
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

One of the most important cryptocurrency platforms, Coinbase, announced that they are going to launch Coinbase Venture. According to a blog post released by the company, Coinbase Venture will finance ‘compelling’ companies in the cryptocurrency space.

Coinbase Venture

The cryptocurrency and blockchain market has been growing in the last years. New enterprises have been flourishing and bringing new, interesting, and innovative products to the market. 

Coinbase wants to be part of the new developments that take place in the crypto ecosystem. The company explains that they will be financing promising early stage companies that could have a bright future.

Coinbase wrote:

“At least in the beginning, our goal is simply to help the most compelling companies in the space to flourish. This means that we don’t have the strategic requirement of formalizing partner relationships with such companies, as some corporate venture programs do. Our focus is on building strong relationships and helping to spur on the development of the ecosystem.”

What is interesting is that Coinbase will also be investing in companies that could look competitive with Coinbase. Apparently, the intention is to create a more competitive space where innovation would still be at the top of the priorities.

“You may also see us invest in companies that ostensibly look competitive with Coinbase,” the statement reads. “Or, in some cases, we may be comfortable investing in companies that are potentially competitive, because it’s in everyone’s interest to see the ecosystem innovate. We’re taking a long term view of the space, and we believe that multiple approaches are healthy and good.”

There are several enterprises that are starting to invest in other crypto-related companies. For example, Microsoft Accelerator is allowing different enterprises from the crypto world to potentiate their investments and ideas.

One of the companies selected by the Microsoft Accelerator program was Onchain, because of its performance in the blockchain industry. Onchain develops different blockchain projects across different industries.

Microsoft Accelerator has selected several companies in the past, and gives to them resources that would allow these growing enterprises to grow and expand.

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