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Coinbase Ventures Strengthens Ties with Rocket Pool Through Investment in DeFi Protocol and oDAO Voting Proposals

Coinbase Ventures, the investment arm of cryptocurrency exchange Coinbase, has increased its partnership with Rocket Pool, a staking platform on the Ethereum blockchain. The partnership was announced through a direct investment in the DeFi protocol and participation in voting proposals within the oDAO (Open Decentralized Autonomous Organization).

In a recent announcement on its Discord channel, Rocket Pool revealed that Coinbase Ventures has made a direct investment in its DeFi protocol. The investment will see Coinbase Ventures acquiring RPL tokens, which will also allow it to participate in important voting decisions within the oDAO. Additionally, Coinbase Ventures plans to use RPL and ETH to create a mini pool for Rocket Pool.

Source: Rocket Pool’ Discord

The investment will give Coinbase Ventures an important stake in Rocket Pool’s future growth and development, including the creation of a new pool for the RPL-rETH token pair. However, the specific value of the investment has not been disclosed by either party.

Rocket Pool is a staking solution for the Ethereum blockchain that enables users to participate in the decentralized system of Ethereum or even operate their own node within the network. As we recently reported here on AZCoin News, the platform has recorded a total value locked (TVL) of $1 billion in just under two years since its launch, making it one of the fastest-growing staking platforms on Ethereum. This partnership with Coinbase Ventures is expected to further enhance its growth and success in the crypto ecosystem.

The price of RPL is currently trading at $50.8, having increased by 11% in the past 24 hours. This price surge may be attributed to the news of the increased partnership between Coinbase Ventures and Rocket Pool. RPL token has yet to be listed on Coinbase exchange.

The 1-hour chart of RPL/USDT on Binance | Source: TradingView

Partnerships like this are becoming increasingly important in the development of DeFi and other decentralized blockchain-based solutions. It will be interesting to see what other collaborations and investments Coinbase Ventures and Rocket Pool will bring in the future.

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