It looks like the Francisco based cryptocurrency firm has decided to create a capital fund that is going to support companies willing to work on cryptocurrency trading, cryptocurrency exchange and cryptocurrency brokering. This fund will only support companies, not startup crypto assets.
More about this endeavor
The president of the company announced that they are going to focus primarily on crypto companies. This announcement was made this Thursday. He said that they are willing to do this because they want to see crypto companies have the funds they need in order to invest in their own goals and grow over a period of time. He dismissed the idea that Coinbase had decided to create this fund so that later on they could add the other tokens to their own exchange in order to profit.
The company has been known because it has an alumni network. Moreover, the company wanted to say that they are not afraid to invest in companies that may have already attracted other investors. Their fund will start off at $15 million and it could grow with time as the revenue that Coinbase makes increases. However, that is slightly unlikely to happen in the near future.
This announcement about their fund had come up after a very short period of time, a couple of week to be exact, cine Coinbase decided to release their latest index fund. This is a product meant specifically for investors that have been accredited.
Some people have been wondering when and if Coinbase is going to add a fifth cryptocurrency to their platform. In order to denounce these rumors, the president of the company has stated that, at the moment, the company is not looking to annex a fifth token. In the future maybe that is going to change but for now things are pretty stable.
Henry Lares is still early into his career as tech reporter but has already had his work published in many major publications including Tech Crunch and the Huffington Post. In regards to academics, Henry earned an engineering degree from Apex Technical School. Henry has a passion for emerging technology and covers upcoming products and breakthroughs in science and tech.