July 24, 2021

Coinbase Ventures backing DeFi in the Polkadot ecosystem

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Coinbase Ventures, the investment arm of the San Francisco-based digital currency exchange, has thrown its weight behind a layer-one blockchain designed to bring full-service DeFi to the Polkadot ecosystem.

The investments are focused on Acala, the Ethereum Virtual Machine-compatible blockchain that is building a host of DeFi capabilities on Polkadot, as well as Karura, which is building a DeFi ecosystem on Kusama. Acala has already built four core products for the Polkadot ecosystem: Liquid DOT staking, a stablecoin, an automated market maker decentralized exchange and a sovereign wealth fund.

The amounts allocated to Acala and Karura were not disclosed.

According to Dan Reecer, Acala’s VP of growth, both Acala and Karura are launch-ready, which means the aforementioned applications will be available to users on day one. He explains the launch process as follows:

“The Acala team’s path to launch is multi-fold and incorporates the support of its community. The team will first need to win a parachain slot auction on Kusama to launch Karura, then will need to win a parachain slot auction on Polkadot to gain a slot for Acala to launch.”

Polkadot and Kusama areTitle: Coinbase Ventures backing DeFi in the Polkadot ecosystem
Sourced From: cointelegraph.com/news/coinbase-ventures-backing-defi-in-the-polkadot-ecosystem
Published Date: Thu, 01 Apr 2021 21:29:22 +0100