The altcoin of the Ethereum ecosystem rises in price after Coinbase Ventures invested in the project

An altcoin in the Ethereum (ETH) ecosystem saw a price surge on Thursday after Coinbase’s venture capital arm announced a strategic investment.

Coinbase Ventures Announced on Thursday that it is investing in Rocket Pool (RPL), a decentralized Ethereum staking pool aimed at reducing capital and hardware needs for staking on ETH 2.0.

“Exciting news to share: Coinbase Ventures recently made a strategic investment in Rocket Pool by purchasing RPL tokens from the Rocket Pool team.”

The RPL token is used for governance and collateral.

Coinbase Ventures says admires the “Rocket Pool team’s commitment to building one of the largest decentralized staking networks in the last 6+ years.”

“In addition to our on-chain efforts this summer with the launch of the Base mainnet, we believe that scaling Ethereum infrastructure in a secure and decentralized manner is critical to bringing the next billion users on-chain.

We know that the Rocket Pool team shares this belief and we are happy to support them by actively participating in their Oracle DAO (decentralized autonomous organization) and using ETH from our corporate balance sheet to operate several hundred nodes on the Rocket Pool network together. with our friends. Unit 410”.

RPL is trading at $28.57 at the time of writing. The 77th-ranked crypto asset by market capitalization is up more than 5.5% in the past 24 hours. However, the token is still almost 54% below its all-time high of $61.90, which it set in April.

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