Cryptocurrency exchange Coinbase has launched a venture fund to invest in early-stage crypto and blockchain startups.
Having established itself as America’s top Bitcoin exchange, Coinbase says that it wants to help promising startups “that have the teams and ideas that can move the space forward in a positive, meaningful way”.
With an initial $15 million pot, the fund is planning to make investments of between $100,000 and $200,000 in areas such as ‘stablecoins’ and decentralised exchanges but says that it won’t necessarily look to create formal partnerships with the firms it puts money into.
“Our focus is on building strong relationships and helping to spur on the development of the ecosystem,” says a blog, adding: “You may also see us invest in companies that ostensibly look competitive with Coinbase. We’re taking a long term view of the space, and we believe that multiple approaches are healthy and good.”