Rocket Pool, a decentralised Ethereum staking pool, has received a strategic investment from Coinbase Ventures, the investment division of the well-known cryptocurrency exchange Coinbase. Through a series of tweets on August 10, 2023, Coinbase Ventures announced the news.
The Rocket Pool team sold an undisclosed quantity of RPL tokens to Coinbase Ventures. With this purchase, Coinbase officially enters the liquid staking market, advancing their ongoing decentralised scaling efforts for Ethereum’s infrastructure.
Despite the purchase of RPL tokens, there was no discernible rise in the tokens’ value after the announcement.
Rocket Pool’s dedication to creating one of the biggest decentralised staking networks over the past six years has received high praise from Coinbase Ventures. They will actively engage in Rocket Pool’s Oracle DAO and run several hundred nodes on the Rocket Pool network using ETH from their business balance sheet.
This participation improves the network’s decentralisation while also bolstering the stability and security of the Rocket Pool protocol as a whole. Regular audits of the protocol’s open-source code ensure the decentralisation and security of the network.
With its strategic investment in Rocket Pool, Coinbase has made a huge advancement in the decentralised finance space. By extending Ethereum’s infrastructure in a secure, decentralised way with the goal of bringing the next billion users onchain, it represents a common belief between the two parties. The partnership between Coinbase and Rocket Pool is anticipated to foster the community of Rocket Pool in the coming years and assist Rocket Pool’s long-term growth.