Monday, October 25, 2021
Home Crypto News Market Coinbase Invests In Polkadot Based Defi Project Acala

Coinbase Invests In Polkadot Based Defi Project Acala

- Advertisement -

Coinbase Ventures, the venture investment arm of Coinbase, a major US crypto exchange, has announced funding in the Defi (Decentralized Finance) project Acala based on Polkadot (DOT).

Acala is a project that plans to provide Defi services on Polkadot to achieve interoperability of different blockchains. It aims to become a hub for Defi and will use this investment to continue project development.

Acala is developing a Layer 1 blockchain optimized for Defi, and its network is compatible with Ethereum (ETH) virtual machines (EVM).

The core products are the following 4.

  • Stablecoin Acala Dollar (AUSD).
  • AMM type decentralized Exchange (Acala DEX).
  • Staking service for DOT.
  • Decentralized Fund (DSWF).

In Polkadot, there is a network called Kusama. This is a network with a structure similar to Polkadot, and it is used to experiment with new ideas because updates can be performed faster than Polkadot.

Acala aims to build a network¬†called “Karura” as a Defi hub on Kusama. Karura is a network written in almost the same code as Acala, and Coinbase Ventures says it will also financially support Karura.

To connect to Polkadot, it is necessary to acquire a slot at auction. Acala won the fastest Slot on Polkadot’s test net last month and will continue to develop to connect to the main net as quickly as possible to become a hub.

Investment of Coinbase Ventures

Coinbase Ventures has invested in several cryptocurrency and blockchain projects.

Coinbase Ventures recently invested in Vega, a decentralized derivatives trading protocol. Vega has successfully raised a total of $500 million.

student coin ico

Coinbase Ventures has also invested in Compound, a Defi lending service, DODO, a decentralized exchange, TaxBit, a software company that develops cryptocurrency tax payments, and CoinDCX, an Indian cryptocurrency exchange.

- Advertisement -
Mark Brennan
Mark is 27, holds a Master degree in Business Administration, and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.


Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Good Games Guild Announces Triple IDO on Seedify, Ignition, MoonStarter

Jakarta, Indonesia, 24th October, 2021, Good Games Guild, a gaming hub that aims to create the largest virtual world economy by optimizing its owned...

YearnNFT Finance: An Advanced Approach to NFTs with Digital Art and Collectibles

Since August, the market sales with respect to NFTs have skyrocketed, where a single NFT sales round up to millions worth. There have been...

The Bank Of Israel Aims To Launch Its CBDC On Ethereum

For now, central banks around the world are still working on developing and testing their own CBDCs, but there are new ones that are...

Russian Central Bank Head Says Russia Is Not Ready To Launch Crypto ETFs

The head of the Bank of Russia, Elvira Nabiullina gave a negative answer to the question about the possibility of trading cryptocurrency ETFs in...

Spanish Banks Anxiously Waiting For Central Bank Approval To Work With Cryptocurrencies

Spanish banks are interested in providing cryptocurrency services directly to clients and expect the Spanish Central Bank will bring regulatory clarity for crypto.

Reddit Intend To Bring Its Non Fungible Token (NFT) Platform

Reddit is looking to hire people for what could become a new platform for non-fungible tokens (NFTs) and digital goods. ...

Second Bitcoin ETF, Valkyrie Bitcoin Strategy ETF (BTF) Started Trading On Nasdaq

On the Nasdaq Stock Exchange under the ticker BTF, a Bitcoin futures ETF from Valkyrie Investments began trading at a price of $25.5.

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.