Coinbase Ventures to Back Matic Network, Who Will Integrate USDC and DAI Stablecoins
Coinbase, one of the leading crypto asset trading platform has decided to fund another blockchain network Matic Network through its Coinbase Ventures, which is a venture fund launched by Coinbase back in April 2018. The venture fund was launched with the aim to make new investments in upcoming crypto and blockchain projects with great potentials and use cases.
The first funding by the Venture arm of Coinbase was done towards Compound Ventures which is an Ethereum based project. Jaynti Kanani, the co-founder, and CEO of Matic Network in an official statement noted that Coinbase Ventures is one of their seed investors. The blog post read,
“We are pleased to announce Coinbase Ventures as our investor in our seed round. This investment is aligned with our goals to achieve adoption through better usability alongside scalability and will help us realize our vision to achieve scale for decentralized applications.”
Apart from being the seed investor for Matic network, Coinbase will also collaborate with the network to help it improve its Matic wallet through Coinbase's own wallet. Coinbase would help the users to shift their funds from Ethereum to Matic. The partnership would also enable Matic system to test their decentralized applications on the Coinbase network in a secure and easy manner.
The announcement read,
“Once the user’s assets are on Matic, they will be able to transfer and trade them on Coinbase Wallet instantly. Users can use DApps built on Matic directly on Coinbase Wallet’s browser or can use WalletConnect to access them through Matic Wallet.”
Matic Network Looking To Integrate Stablecoins
Matic network is also planning to integrate a couple of stablecoins like Circle's USD Coin [USDC] and DAI in order to improve its network's payment system and avoid the price volatility with crypto tokens. Stable coins have become the preferred choice of service providers as it helps them keep their network's payment system simple to use for consumers and also avoid complexities involved in converting the cryptocurrencies.
Coinbase Ventures has invested in around 50 blockchain and cryptocurrency projects with some of the notable names including Etherscan, Alchemy, The Block and Dharma.
Not just Coinbase, many other established players in the decentralized space has started investing and promoting various upcoming blockchain projects. The trend has started to pick up again, after a dismal 2018 which saw the crypto market suffer great losses and also put a hold on new investments in fear of declining markets.