Coinbase Ventures supports Acala on Polkadot

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According to a blog post by the company, Coinbase Ventures is funding Acala, a DeFi hub for the Polkadot network.

Coinbase will support Acala

“This week, Coinbase’s investment arm announced its support for Acala, Polkadot’s all-in-one DeFi hub,” Coinbase wrote on its blog post. “This investment also supports Karura, the Kusama DeFi center being built by the Acala team.”

Coinbase has not indicated how much it will invest in each project or how those funds will be used. However, it was advised that Acala would need to win a Parachain slot auction for Kusama and Polkadot to get started. Presumably this funding will support these offers.

Acala is designed to support its own DeFi applications as well as others. Upcoming applications include LDOT staking, Acala dollar stablecoin (aUSD), Acala DEX, and a project till. Acala is also EVM compatible, meaning it can support code and tokens originally created on the Ethereum blockchain.

The polkadot ecosystem is growing

Polkadot is currently a leading blockchain. It is home to the sixth largest cryptocurrency, DOT, with a market capitalization of $ 34 billion.

Polkadot hasn’t attracted many high-profile projects yet, however. Acala is one of the most notable projects, and Coinbase’s recent round of funding could result in a stronger polkadot ecosystem.

Despite Coinbase’s financial support for projects in the Polkadot ecosystem, the exchange does not yet list Polkadots DOT tokens.

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