Coinbase invests in Rocket Pool, RPL rises 8%

Coinbase Ventures, which is affiliated with the cryptocurrency exchange, Coinbase, has invested in the liquid staking platform, Rocket Pool. The acquisition involved an undisclosed amount of RPL, the native token of the protocol.

In an Aug. 10 tweet, Coinbase Ventures said it would actively engage in Rocket Pool’s Oracle DAO and operate a “substantial number of nodes” using Ethereum (ETH) from their corporate balance sheet.

Rocket Pool’s concept allows individuals to support new validators, even if their stake falls below the minimum required to independently fund an Ethereum network validator node. This has led to over 3,100 operators and over 780,000 ETH staked on the network.

While Rocket Pool’s statistics are staked, the specifics of Coinbase’s investment remain undisclosed.

When writing, RPL is up 7.81% in the last 24 hours, changing hands at $28.33 with a market cap of $556 million.

Coinbase Ventures has invested in multiple crypto projects, including Uniswap, Alchemy, and OpenSea.

This investment news comes a day after Coinbase launched the Base, an Ethereum layer-2 protocol after four months of testing.

Despite this, Coinbase has been sued by the United States Securities and Exchange Commission (SEC). The regulator alleges that the exchange facilitated the trading of unregistered assets.