Crypto Updates

Ethereum Ecosystem Altcoin Jumps in Price After Coinbase Ventures Invests in the Project

Most Dogecoin Holders Are in Profit While Majority of Shiba Inu Owners Remain Underwater: IntoTheBlock

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.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Click Here to Read the Full Original Article at The Daily Hodl…