Jump to
Main Blog Markets Coinbase invests in Rocket Pool

Coinbase invests in Rocket Pool

On August 10, Coinbase's investment arm, Coinbase Ventures, made a "strategic investment" in Rocket Pool. The amount of the investment remains unknown, but it was made by purchasing part of the protocol tokens (RPL) from the development team.


The context

Rocket Pool is the third-largest liquid staking protocol on Ethereum. Such protocols facilitate the decentralized pooling of both node operators and ETH holders, allowing them to jointly receive rewards for validating transactions. Notably, Rocket Pool boasts a network of over 3,100 active node operators. As a reminder, it takes 32 ETH to become a validator on Ethereum, a sum that currently translates to over $59,000. 

Earlier this year in April, it was reported that Coinbase engaged with the Rocket Pool DAO, using ETH sourced from its "corporate balance sheet to operate several hundred nodes on the Rocket Pool network".


RPL token reaction

The move by Coinbase elicited a reaction in the price of RPL. The coin’s value rose by over 3% and is now trading just near the $28 mark. Presently, RPL is ranked 68th crypto, with a market capitalization of $551 million.

Recall that there are some centralisation concerns about RocketPool


Also read:

Rocket Pool’s vulnerability

What is Ethereum

Buy Ethereum

What are blockchain and consensus

Maria Kachura
Maria Kachura

Visit her on Facebook or hit her up via Email.

Share this post
Similar articles
20 June, 2022
NFT NYC 2022!🌐🦄
NFT NYC 2022.
8 June, 2022
AIBC Americas 2022
AIBC Americas 2022.
9 June, 2022
Blockchain Economy Istabbul Summit 2022
Blockchain Economy Istanbul Summit.
24 June, 2022
ETH NEW YORK 2022 🌐🦄
11 June, 2022
ETHPrague 2022
ETHPrague 2022.
27 June, 2022
European Blockchain Convention 2022🌐🦄
European Blockchain Convention 2022.