Coinbase Ventures, the investment arm of the San Francisco-based cryptocurrency exchange, has shifted its weight in a tier 1 blockchain chain designed to bring full DeFi functionality to the Polkadot ecosystem.

The investment is focused on Acala, an Ethereum VM-compatible blockchain that builds DeFi package with options on Polkadot, as well as Karura, which builds the DeFi ecosystem on Kusama. Acala has already created four core products for the Polkadot ecosystem: Liquid DOT Staking, Stablecoin, a decentralized automated market maker and a government wealth fund.

The amounts allocated to Akala and Kerorah are not stated.

According to Dan Reaser, Acala’s vice president of development, both Acala and Karura are ready to launch, which means that the mentioned apps will be available to users on the first day. He explains the start-up process as follows:

“The journey of the Acala Launch Team is multifaceted and includes support from the community. The team must first win the Parachain Slot Machine auction in Kusama to start Karura, and then they must win the Polachain Slot Machine Parachain Slot Machine to win the Acala Launch Slot. ”
Polkadot and Kusama are close to auctioning off the first Parachine Khanate.

Receiving support from Coinbase Ventures is seen as a significant achievement given the number of successful projects VC has supported in the past. Some of Coinbase Ventures’ more notable investments include BlockFi, Compound and Etherscan.

Polkadot and Kusama have generated great interest from retail investors over the past year. DOT, the original cryptocurrency of the Polkadot ecosystem, is among the top 10 projects with a total market value of $ 35 billion. Meanwhile, Kusama is ranked 32nd by market capitalization with a total value of $ 3.9 billion.

Source: CoinTelegraph