July 08, 2024
Coinbase Ventures, Coinbase's investment division, has pledged $1 million to the innovative financial asset, SPOT, developed by the Ampleforth Foundation. This commitment is part of a strategic financing round designed to advance this distinctive flatcoin technology.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
SPOT | $1M | July 08, 2024 | Strategic Funding | $1M | Conbase Ventures | DeFi |
In an earlier conversation, Brian Armstrong, the Chief Executive Officer of Coinbase, highlighted the potential of flatcoins such as SPOT. He conveyed that they embody a more advanced form of currency within the crypto sphere, emphasizing their part in the forthcoming progression of stablecoins.
The joint effort between Coinbase Ventures and Ampleforth might indicate a fresh course in the understanding and utilization of digital currencies in the larger economy.
The incorporation of SPOT into Coinbase's Ethereum Layer 2 Network Base signifies a fresh phase for this flatcoin. As of Monday, trading pairs that include SPOT will be accessible on the decentralized exchange known as Aerodrome Finance.
About SPOT
SPOT, developed by Fragments under the Ampleforth protocol, represents a significant shift from traditional stablecoins. It is an alternative to stablecoins, by combining features of commodity-based money and peer-to-peer digital cash to provide a volatility-resistant digital asset.
Website: https://www.spot.cash/
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About Investor
Investor: Coinbase Ventures
Coinbase Ventures provides financing to startups that show promise in moving the crypto and web3 space forward in a positive, meaningful way. The fund has been involved in numerous funding rounds, supporting a variety of projects in the crypto and blockchain space. These include Solana-based multisig protocol Squads, yield-bearing stablecoin issuer Mountain Protocol, Latin American Stablecoin-Powered SuperApp El Dorado, social protocols technology stack builder Neynar, parallelized confidential computing network Arcium, and Ethereum’s decentralization propeller Puffer Finance. Coinbase Ventures’ portfolio is diverse, reflecting its commitment to advancing the crypto and web3 ecosystem.
Location: San Francisco, California
Website: https://www.coinbase.com/ventures
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