Coinbase announces venture fund for crypto startups

The cryptocurrency trading platform valued at $1.6 billion, Coinbase is one of the most popular cryptocurrency exchange, is launching a venture fund called “Coinbase Ventures” that will invest in companies changing the world of finance. Coinbase is a San Francisco-based company.

Coinbase says it will be “Financing to promising early-stage companies that have the teams and ideas that can move the space forward in a positive, meaningful way, Here at Coinbase, we’re committed to creating an open financial system for the world, You may also see us invest in companies that ostensibly look competitive with Coinbase.
We’re taking a long-term view of the space, and we believe that multiple approaches are healthy and good.By giving them access to capital we hope that they will grow great businesses. It’s not about investing in the token, it’s not about trying to line up tokens that we would put on our exchange.”

The company is releasing the funds in the form of small investments, which will be beginning from this week, it will help companies and founders in the crypto and blockchain space to get initial investment for their venture.

The company plans to focus on building relationships within the ecosystem as well as it could be investing in its competitors. With this venture, Coinbase will also be able to provide the institutional clients with a method to store their cryptocurrency. It’ll only be available to customers with at least $10 million in deposits in Coinbase account.

The company announced support for withdrawal of bitcoin “forks,” which gives cryptocurrency holders of a certain coin free access to newly created coins. You can see the official announcement here.