“like JPMorgan or Goldman Sachs for blockchain.” is the term given by Fred Wilson for CoinBase. CoinBae has good days following in for them. Seems like, CoinBase is going to invest in other companies. This is specially done for the launch of their own products and services.
The company on Thursday announced the formation of Coinbase Ventures. So, through which it will finance “early-stage companies that have the teams and ideas. Especially, the ones that can move the space forward in a positive, meaningful way.”
“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. So, as some corporate venture programs do. Our focus is on building strong relationships and helping to spur on the development of the ecosystem.”
business development chief Emilie Choi wrote in a blog post.
Choi noted that Coinbase might even invest in companies that appear to be its competitors. In some cases, she said, this might be because
“there might be a nuance to the way these startups are building out its products.” In others, “we may be comfortable investing in companies that are potentially competitive because it’s in everyone’s interest to see the ecosystem innovate.”
According to Business Insider, CoinBase Ventures will, for now, refrain from investing in security tokens.
CoinBase is rapidly expanding into a financial services giant within the cryptocurrency market. Last month it introduced a new cryptocurrency index fund, allowing people to invest in virtual coins such as Bitcoin through the fund, rather than buying them directly.