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Coinbase Ventures Invests in ETH Staking Pool, RPL Token Jumps

• Coinbase Ventures recently invested in Rocket Pool (RPL), an Ethereum (ETH) staking pool.
• The RPL token is used for governance and collateral, and saw a price jump after the investment.
• The token remains nearly 54% down from its all-time high of $61.90 set in April.

Coinbase Ventures Invests in ETH Staking Pool

Coinbase’s venture arm announced on Thursday that it has made a strategic investment in Rocket Pool (RPL), an Ethereum (ETH) staking pool intended to lower capital and hardware needs to stake on ETH 2.0.

Price Jump After Investment

The RPL token saw a price jump following the investment announcement by Coinbase Ventures. The token is used for governance and collateral, and is currently trading at $28.57 at time of writing; however, it remains nearly 54% down from its all-time high of $61.90 set in April.

Commitment to Scaling Ethereum’s Infrastructure

Coinbase Ventures says it admires the Rocket Pool team’s “commitment to building one of the largest, decentralized staking networks over the past 6+ years” as well as their efforts to scale Ethereum’s infrastructure this summer with their mainnet launch. It plans to support them through active participation in their Oracle DAO and using ETH from its corporate balance sheet to operate several hundred nodes on the Rocket Pool network alongside Unit 410.

Bringing Next Billion Users On-Chain

According to Coinbase Ventures, scaling Ethereum’s infrastructure in a safe, decentralized manner is critical for bringing the next billion users on-chain; therefore, they believe investing in projects like Rocket Pool will be beneficial for doing so.

Conclusion

Overall, Coinbase Ventures‘ investment into Rocket Pool shows its commitment towards increasing scalability within Ethereum’s network while also helping bring more users onto blockchain technology overall – both positive developments for the crypto industry as a whole!