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What is Coinbase Ventures?

What is Coinbase Ventures? Coinbase Portfolio Overview

Coinbase is one of the largest exchanges in the United States. Let’s learn about CoinBase’s investment fund!

Even if you are a newbie, many of you must have heard the name Coinbase – one of the honors of any project listed on it. And Coinbase Ventures is also one of the well-known names in Crypto.

A lot of people think that any project funded by Coinbase Ventures will be listed on Coinbase later.

But is that true? What does Coinbase Ventures’ portfolio include? Let’s find out through the article below.

Coinbase Ventures Overview

We all know Coinbase is one of the largest exchanges in the US. In addition to the exchange, Coinbase has other products. You can find out here.

Coinbase Ventures was established in April 2018, this is the investment division under the management of Coinbase company, the goal is to provide early stage financing for companies and projects with potential ideas, as well as contribute to the development of the whole Crypto industry.

Sometimes, Coinbase invests in companies that appear to compete with themselves. It could be a specific area, or the entire project. This is because they look to the bigger picture, which is that the development of these projects will benefit Crypto.

Coinbase Ventures Featured Members

The most prominent in the team is Brian Armstrong: CEO & Co-Founder of Coinbase. Brian Armstrong used to be Technical Product Manager of Airbnb, currently #1 Crypto Rich List of Forbes.

He is also the Co-Founder of GiveCrypto, Building an Open Financial System for the World.

Prior to founding Coinbase, Armstrong worked as a Software Engineer at AirBNB from 2011-2012. Previously, he founded UniversityTutory.com and also served as a software engineer at CarWoo.com.

In addition, some other members have also worked at Google, Facebook.

Coinbase Ventures Portfolio Overview

Below is an overview of Coinbase Portfolio.

Next, we will take a look at a few outstanding projects of some Sectors.

Tool

  • Cointracker: Portfolio tracking application, helping you to have an overview of the total investment performance. No time found Coinbase invested in Cointracker.
  • Etherscan: Where users can find all information about specific transactions, or information related to Ethereum such as current gwei, information about ERC-20 tokens,… Couldn’t find any information about Etherscan’s fundraising

Comments: Both are extremely famous applications in the field of information tracking, portfolio management. However, both have no plans to issue tokens, and are free to use, so it is highly likely that Coinbase’s investment is not for profit.

Dashboard

  • Zapper: As a Dapp, it helps to manage, monitor and deploy Crypto Assets on multiple Defi Protocols in one transaction, saving you time. Zapper has 2 rounds of funding:
    • Seed (August 2020): Coinbase, the LAO, CoinGecko,…
    • Series A (May 2021): Coinbase Leads, Mark Cuban,…
  • InstaDapp: All-in-one platform to help you interact with DeFi space easily. InstaDapp has 2 rounds of funding:
    • Seed (October 2019): Coinbase Ventures, IDEO Collab, Pantera Capital,…
    • Unknown (6/2021): Standard Crypto, DeFi Alliance, LongHash, Andre Cronje.

Comment: Coinbase is quite confident with Zapper, the winning project Kyber DeFi Hackathon was held in November 2019. Of the two projects, only InstaDapp has tokens. But Zapper is widely expected to launch the token after its two NFT Seasons.

Similar to Etherscan and Cointracker, Zapper and InstaDapp are also two extremely popular projects for those who want to summarize their DeFi activity in one homepage.

Wallet

  • Dharma: A wallet that stores tokens on Ethereum, along with the ability to buy and sell tokens on Ethereum quickly. Coinbase invested in Dharma in February 2019, along with Green Visor Capital, Polychain Capital, Y Combinator,…
  • Torus: The product suite includes infrastructure, wallet, … to provide users with an easy, password-free login storage utility. Coinbase invested in Seed round in July 2019, along with Binance Labs, Multicoin,…
  • Casa: BTC storage wallet. Coinbase invested in the February 2021 Seed round, together with Avon Ventures, Tioga Capital, Cadenza Ventures (investment fund affiliated with BitMEX).
  • Multis: A wallet that automates payments, tracks assets, and can scale a user’s business. Coinbase Invested in Seed Round in September 2020.
  • Liquality: All-in-one wallet, allowing users to participate in DeFi activities along with Crypto storage. Coinbase invests in August 2021, along with Hashed, Alameda,…

Comments: Coinbase is one of the few investors that spends heavily in the asset storage category. Another name that also tends to be similar is Alameda Research. However, unlike Alameda, Coinbase’s projects so far only have Mobilecoin tokens.

In addition, Alameda wallet projects seem to be quite similar because of the features: storage, exchange,… generally unifying DeFi activity in the application. As for Coinbase, there is a wide range of products, but it is not optimal, because only specializes in one chain like Ethereum or Bitcoin.

Lending

  • Naos Finance: Lending platform for real assets. Naos Finance has 2 rounds of fundraising:
    • Seed (March 2021): Mechanism.
    • Strategic (April 2021): Coinbase, Mechanism, Spartarn,…
  • X-margin: Unsecured Lending project for businesses. Coinbase together with Polychain, Alameda, Spartan,… invested in Series A in September 2021.
  • Ledn: A loan company based in Toronto that allows users to deposit in BTC, USDC, or use BTC as collateral. Ledn has 3 rounds of funding:
    • Seed (2/2021): Coinbase and other funds.
    • Series A (May 2021): Coinbase and other funds.
    • Series B (December 2021): Coinbase, Hashed, Parafi,…
  • Compound: One of the most famous Crypto Lending projects with Market Maker mechanism. Compound has 2 rounds of funding:
    • Seed (May 2018): Coinbase, a16z, Polychain,…
    • Series A (11/2019): Paradigm, Polychain, a16z,…
  • Notional: Lending project with a fixed interest rate. Notional has 2 rounds of funding:
    • Seed (October 2020): Coinbase, Polychain,…
    • Series A (April 2021): Pantera, Parafi, Spartan,…
  • Tesseract: A lending company in Europe with corporate clients. Coinbase invests in Series A June 2021 alongside a lot of traditional funds.
  • GoldFinch: Decentralized protocol that allows to borrow cryptocurrency without collateral. GoldFinch has 2 rounds of fundraising:
    • Unknown (February 2021): Coinbase, Kindred Ventures, IDEO CoLab,…
    • Series A: (6/2021): a16z and other funds.
  • Comments: The projects all span the fields of Lending, from popular like Market Maker to unsecured, or using BTC as collateral, but there is no project that allows creating Stablecoins like DAO Maker. In addition, Coinbase also invests in many real companies based outside, not just projects in Crypto.

Infrastructure

  • Terra: Layer 1 in the Cosmos ecosystem, Terra is known for its LUNA duo and algorithmic Stablecoin UST. Terra has 3 rounds of funding:
    • Seed (August 2018): Binance Labs, Polychain, OKEx, Huobi,…
    • Strategic (1/2021): Coinbase, Pantera,…
    • Unknown (9/2021): Arrington XRP Capital, Pantera,…
  • Matte Labs: The team behind zkSync, a popular Ethereum Layer 2 solution. Matte Labs has 2 rounds of funding:
    • Seed (March 2021): Coinbase, Dragonfly,…
    • Series B (11/2021): a16z, Dragonfly, Crypto.com,…
  • Celo: Layer 1 focuses on phones, it is also the first Mobile-blockchain project on the market. Celo has 3 rounds of funding:
    • Unknown (June 2018): Coinbase, a16z,…
    • Unknown (April 2019): a16z, Polychain,…
    • Strategic (2/2021): a16z,…
  • StarkWare: Another company known for its Layer 2 products using ZK RollUp. The company has three rounds of funding:

    • Series A (October 2018): Paradigm, Sequoia, Coinbase, Multicoin, Consensys, Pantera,… Valuation of $36M after raising capital.
    •  And Series B (March 2021): Paradigm, Three Arrow Capital,…
    • Series C (11/2021): Paradigm, Three Arrow Capital, Alameda,… $2B valuation after raising capital.
  • Mina: Blockchain project with the goal of becoming one of the lightest Blockchain in the world. Mina has 3 rounds of fundraising:
    • Seed (May 2018): Unknown investment fund.
    • Series A (April 2019): Coinbase, Paradigm,..
      • Strategic (October 2021): Three Arrows Capital,…
  • Polygon: Formerly Matic, Sidechain is similar to Binance Smart Chain, solving Ethereum’s congestion problem. Polygon has 2 rounds of funding:
    • Pre-Seed (April 2019): Coinbase,…
    • Unknown (May 2021): Mark Cuban.
  • The Graph: The Graph is a Protocol that allows Indexing and querying Data from Blockchain, it helps to quickly build decentralized applications on Ethereum and IPFS using GraphQL. The Graph has 2 rounds of funding:
    • Seed (February 2019): Multicoin,…
    • Strategic (July 2020): Coinbase, ParaFi, Coinbase,…

Comments:

Platforms whether Layer 1, Layer 2, in Coinbase’s portfolio have created a certain resonance. We have StarkWare and Matte Labs as two teams of the two best Layer 2 technologies available today; Terra or Polygon with tremendous growth from the beginning of 2021;

Mina is also expected to be an effective solution for replacing heavy blockchains;…

We also don’t see too many prominent names in the infrastructure segment of funds like Solana, Polkadot or Cosmos. Maybe there are small platforms inside like Moonbeam, Vega or Umee.

Investment

  • BlockFi: A famous financial platform that helps users trade, lend, receive profits from savings. BlockFi had 4 rounds of funding in Series A, B, C D, but could not find the time Coinbase invested in BlockFi.
  • Saffron: The project supports users to invest according to suitable risk preferences. Coinbase invested in the March 2021 Strategic Round, along with Multicoin and other funds.
  • FTX: An exchange famous for derivative products, as well as currently one of the largest Crypto exchanges currently. FTX has 4 rounds of funding:
    • Seed (August 2019): No special investors.
    • Strategic (December 2019): Binance Labs.
    • Series A (7/2021): Coinbase, Sequoia, Paradigm,…
    • Series B (October 2021): Sequoia, Tiger Global Management,…

Comments: Coinbase invests heavily in projects and companies that have deposit services that receive interest, as well as support transactions. And this is also one of the main Coinbase products. This is quite confusing because not only a few, but Coinbase invests quite a few projects that are considered its competitors.

But if you read carefully the investment philosophy of Coinbase at the beginning of the article, this becomes easy to understand. One of those examples is FTX, which has now become a “closet” exchange for many people besides Binance, which gives users more choice.

Stablecoin

  • Fei Protocol: Fei Protocol is a project to make Stablecoins (FEI) according to the PCV model.
    • Series A (March 2021): a16z, Coinbase, Coinbase, ParaFi,…
    •  Unknown (4/2021): 17,000 members of Fei Genesis Group with a raise of 639,000 ETH.

Comments: Fei Protocol is one of the first projects to use PCV for Stablecoins. In December 2021, Fei Protocol launched V2 version, as well as combined with Ondo Finance, becoming a potential “Olympus DAO” + “Tokemak”.

In addition, with the community calling for a huge number of 639,000 ETH, it shows that Fei Protocol is a project that is enthusiastically supported by the community.

Analytics

  • Messari: Popular Crypto analytics site. In addition to providing high-quality analysis, Messari also features in-market indicators on its homepage. Messari has 3 rounds of funding:
    • Seed (March 2018): No featured funds.
    • Unknown (November 2019): No featured funds.
    • Series A (August 2021): Alameda, Coinbase, Kraken,…
  • Nansen: Crypto’s famous on-chain index tracking site. You can track specific information such as the number of tokens in each wallet, the top holder of the token, etc. Nansen has 3 rounds of fundraising:
    • Seed (October 2020): Mechanism,…
    •  Series A (6/2021): a16z, Coinbase, Mechanism,…
    • Series B (12/2021): a16z,…
  • Dune Analytics: An extremely familiar project where you can track a lot of data not only in the project, but also in each Sector such as AMM market share, Lending,… These data are all user-generated. uploaded, so it’s very decentralized and diverse. Dune Analytics has two funding rounds:
    • Seed (September 2020): Coinbase, Alameda, Multicoin, Hashed.
    • Series A (August 2021): Dragonfly, Multicoin,…

Comments: Coinbase is one of the investment funds that focus on index analysis projects. Similar to the storage array, the fund also has a lot of “cards” in this array, which are Alameda Research and Hashed. And the name that all three funds invest in is Dune Analytics.

Risk Management

  • Certora: Certora provides security analysis tools for Smart Contracts. Certora has a unique technology called Certora Prover that is capable of checking whether a Smart Contract meets a set of security rules. Coinbase invests in Seed round in May 2021, along with Stani Kulechov of Aave, Coinbase,…
  • Risk Harbor: Risk Management Marketplace (Risk Management Marketplace) for DeFi projects. Coinbase leads along with Pantera Seed round in June 2021, besides Coinbase also invests.
  • CertiK: Famous Audit Company in Crypto. No time found for Binance Labs to invest in CertiK. CertiK has 4 rounds of funding:
    • Seed (March 2018): No special funds.
    • Series B (July 2021): Coinbase,…
    • Series B expansion round (August 2021): Tiger Global Management,…

Comment: These projects are all about preventing bugs from happening, not seeking compensation when hacked. This is a pretty good direction and similar to the Framework investment fund.

DEX/ Liquidity

  • DODO: DEX was born for a long time, then integrated many features such as Launchpad, token creation,… DODO has 2 rounds of fundraising:
    • Seed (August 2020): Led by Framework, along with Bobby Ong (CoinGecko), Jason Choi (Spartan), DeFiance,…
    • Private (October 2020): Pantera Capital, Three Arrows Capital, Coinbase Ventures, Galaxy Digital.
  • Slingshot: Exchange on Polygon and Arbitrum, trading volume is higher than QuickSwap. Coinbase invests in Seed round in November 2020.
  • Chainflip: The DEX exchange supports Cross-chain Swap, which means that brothers with assets in Ethereum can Swap to Solana or Binance Smart Chain without converting assets. Coinbase invests in Seed round in August 2021, along with Framework, Delphi Digital, ParaFi,…
  • Tokemak: The project aggregates liquidity and dispatches projects that need liquidity. Coinbase invested in Seed round in April 2021, along with other investors such as Framework, Delphi Digital, Consensys,…
  • Lido: The largest Liquid Staking project today, supporting Liquid Staking for large assets such as LUNA, ETH,… Coinbase invested in Lido by directly buying LDO from the project’s Treasury in May 2021, together with Paradigm, Three Arrows Capital,…

Comments: Coinbase’s DEX portfolio has a lot of projects that the community considers as potential, such as Slingshot, Orca,… In addition, the liquidity segment is also something that Coinbase is quite focused on, when projects Any new or old Liquid Staking project is an investment, that is Lido, Stader Labs and pSTAKE.

The above projects implement Liquid Staking in Ethereum, Terra and Cosmos. But there are still some other Liquid Staking projects like Solan’s Marinade or Near’s Metapool, and Coinbase doesn’t invest in these projects.

NFT/Gaming

  • Animoca Brand: A fairly famous investment fund recently, specializing in investing in the Gaming segment. Animoca Brand has 3 rounds of funding:
    • Unknown (May 2021): Huobi,…
    • Unknown (July 2021): Coinbase,…
    • Unknown (October 2021): Sequoia, Dragonfly,
  • GuildFi: Gaming Guild helps new players to access games more easily. Coinbase invests in Seed round in November 2021, along with DeFiance, Coinbase…
  • Opensea: NFT exchange has the largest volume and revenue currently. Opensea has 3 rounds of funding, but can’t find the time Coinbase invests in Opensea.
  • Rarible: One of Crypto’s sizable NFT exchanges. Rarible has 3 rounds of funding:
    • Pre-Seed (September 2020): CoinFund.
    • Seed (2/2021): Coinbase, Parafi, CoinFund…
    • Series A (6/2021): No special fund.

Comment: In many NFT and Gaming projects of Coinbase investment, there are not too many prominent names, apart from the two “super giant” exchanges Opensea and Rarible. Besides, the Gaming segment is currently trending, but Coinbase does not have any really hot projects.

Coinbase Ventures Reviews & Comments

Looking at Coinbase’s Portfolio, you can see the following characteristics through Coinbase’s portfolio:

  • Coinbase is one of the most active Crypto investors, the number of projects can be equal to Alameda (over 100 projects).
  • Coinbase not only invests in Crypto projects in an anonymous form (no headquarters), but they also invest in a lot of outside companies related to Crypto.
  • One of Coinbase’s most investment areas is trading, saving, and supporting users to invest. Although this is also what Coinbase itself is doing.
  • Projects with tokens are few (~21%), projects that do not currently have tokens also do not seem to intend to launch tokens.
  • Some funds have quite strange investment areas such as projects serving the voting community (commonweath), data analysis, … Coinbase also has a number of positions here.

The project invested by Coinbase Ventures has a list of Coinbase exchanges?

Coinbase is one of the big names in Crypto, so the quality of projects in their portfolio is always appreciated by the community. Therefore, it is possible to list major exchanges like Binance, or Coinbase.

So will the projects in Coinbase’s Portfolio be listed on the “floor”, or Binance? Below is a summary of projects with tokens in Coinbase’s Portfolio and listed exchanges (Binance, Coinbase).

As you can see, there are 8 projects listed on two exchanges, 12 projects listed on Binance, 7 projects listed on Coinbase, the remaining 8 projects are still not listed on Binance or Coinbase.

From the above numbers, it can be seen that almost all projects will be promoted to at least Binance, and then Coinbase.

But time cannot be determined, because there are projects like Saffron launched around the end of 2020, which by the end of 2021 have not been listed on Binance or Coinbase.

Ecosystems in Coinbase Ventures Portfolio

Like I said, Coinbase’s portfolio is somewhat larger than other funds, which are real companies, publicly headquartered,… So we won’t see it. differentiated into ecosystems like conventional funds.

But if we really consider the ecosystem, Coinbase’s projects are mostly focused on Ethereum. Then a few projects in Cosmos, Polkadot, but not much.

The reason for this, in my opinion, comes from Coinbase’s investment taste, they target large companies outside, so is in Crypto.

Although the gas fee is expensive, Ethereum is still the place where many core Crypto projects converge, as well as the Whales that often operate on Ethereum more than other places.

Coinbase Ventures Portfolio Review

Performance

The top 5 projects with the best performing Tokens (price of ATH compared to ATL) are:

  • Synthetix (SNX): 95.100%
  • Polygon (MATIC): 87.333%
  • Tera (LUNA): 83.333%
  • Arweave: 30.772%
  • UMA (UMA): 13.853%

Top 5 Top 5 Token projects with the best performance since the beginning of 2021 are:

  • Terra (LUNA): 14.627%
  • Polygon (MATIC): 15.411%
  • DODO (DODO): 5.237%
  • Arweave (AR): 3,393%
  • Saffron Finance (SFI): 1.705%

Coinbase Ventures Investment Trends in 2022

Almost the number of projects invested in 2021 is not much different from the total project. In 2022, Coinbase invested about 135 projects – a huge number.

And 2021

The nature of the projects spans many categories

Summary

Above is an overview of the Portfolio and some comments on investment trends of Coinbase Ventures, if you have any other questions or comments, please comment below to discuss with idolmeta.net !

 

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