Ethereum Ecosystem Altcoin Jumps in Price After Coinbase Ventures Invests in the Project – The Daily Hodl

An Ethereum (ETH) ecosystem altcoin saw a price jump on Thursday after Coinbase’s venture capital arm announced a strategic investment.

Coinbase Ventures announced on Thursday that it is investing in Rocket Pool (RPL), a decentralized Ethereum staking pool intended to lower capital and hardware needs to stake on ETH 2.0.

“Exciting news to share: Coinbase Ventures recently made a strategic investment into Rocket Pool by purchasing RPL tokens from the Rocket Pool team.”

The RPL token is used for governance and collateral.

Coinbase Ventures says it admires the Rocket Pool team’s “commitment to building one of the largest, decentralized staking networks over the past 6+ years.”

“In addition to our efforts this On-chain Summer with the launch of Base mainnet, we believe scaling Ethereum’s infrastructure in a safe, decentralized manner is critical to bringing the next billion users on-chain.

We know the Rocket Pool team shares this belief and we’re delighted to support them via active participation in their Oracle DAO (decentralized autonomous organization) and using ETH from our corporate balance sheet to operate several hundred nodes on the Rocket Pool network alongside our friends Unit 410.”

RPL is trading at $28.57 at time of writing. The 77th-ranked crypto asset by market cap is up more than 5.5% in the past 24 hours. The token, however, still remains nearly 54% down from its all-time high of $61.90, which it set in April.

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• Source: https://dailyhodl.com/2023/08/11/ethereum-ecosystem-altcoin-jumps-in-price-after-coinbase-ventures-invests-in-the-project/