Coinbase Ventures Backs Acala on Polkadot

Coinbase Ventures is funding Acala, a DeFi hub for the Polkadot network, according to a blog post from the company.

Coinbase Will Support Acala

“This week, the investment arm of Coinbase has announced their support for Acala, the all-in-one DeFi hub of Polkadot,” Coinbase wrote in its blog post. “This investment also supports Karura, the DeFi hub of Kusama being built by the Acala team.”

Coinbase did not say how much it will invest in each project, or how those funds will be used. However, it did note that Acala will need to win a parachain slot auction on Kusama and Polkadot in order to launch. Presumably, this funding will support those bids.

Acala is designed to support its own DeFi applications as well as others. Upcoming applications include LDOT staking, the Acala dollar stablecoin (aUSD), the Acala DEX, and a project treasury. Acala is also EVM-compatible, meaning it can support code and tokens originally created on the Ethereum blockchain.

Polkadot Ecosystem Is Growing

Polkadot is currently a leading blockchain. It hosts the sixth largest cryptocurrency, DOT, with a market cap of $34 billion.

However, Polkadot has not yet attracted many highly visible projects. Acala is one of its most notable projects, and the latest round of funding from Coinbase could produce a stronger Polkadot ecosystem.

Despite Coinbase’s financial support for projects in the Polkadot ecosystem, the exchange does not yet list Polkadot’s DOT token.

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Source: Read Full Article