Coinbase Introduces Early-Stage Venture Fund

Coinbase Ventures

In an announcement made on CNBC’s Fast Money, Coinbase CEO, Asiff Hirji, introduced a new venture fund designed to target early-stage startups working to advance the cryptocurrency industry. The fund, which is seeded with $1.6 billion, will allow the San Francisco-based company to unload its massive balance sheet — it is estimated that¬†the company’s revenues in 2017 were over $1 billion.

“That‚Äôs why today, we‚Äôre announcing the formation of Coinbase Ventures.¬†We‚Äôll be providing financing to promising early stage companies that have the teams and ideas that can move the space forward in a positive, meaningful way.”

While this is a massive announcement for the startup community, cryptocurrency investors were disappointed that Coinbase didn’t hint at the next coin to be listed on the trading platform. Hirji has emphasized that any investment from the venture fund will have zero barring on potential listing opportunities.

The company added that it is willing to invest in direct competitors to Coinbase and will not invest in security tokens at this time.

More: Introducing Coinbase Ventures
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