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Coinbase’s blockchain play 💸

Coinbase’s blockchain play 💸

+ Lemniscap’s $70M Web3 push

Lavena Xu-Johnson
August 29, 2024

TL;DR:

Coinbase’s blockchain play: Coinbase is using its alumni network to build a blockchain empire with its new Base network, moving beyond just crypto trading.

Lemniscap’s $70M Web3 push: Lemniscap launches a $70 million fund to boost Bitcoin and blockchain tech, aiming to expand their utility beyond current uses.

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Coinbase is building a blockchain empire with help from its alumni

Coinbase, once the go-to platform for buying and selling Bitcoin, is reinventing itself as a blockchain powerhouse with its new Base network. To fuel this shift, it’s tapping into a powerful resource: its alumni network.

The strategy:

Alumni-driven innovation: Coinbase has become a launchpad for crypto entrepreneurs. Around 100 startups have been founded by former employees, with Coinbase Ventures investing in about 40 of them. These alumni startups are creating DApps and services on Base, boosting Coinbase’s blockchain ecosystem.
A culture of entrepreneurship: Former Coinbase staffers like Luke Youngblood, who founded Moonwell, are using their inside knowledge to build successful projects that align with Coinbase’s new direction. Moonwell, for example, has attracted $145 million in assets since launching on Base.
Not just trading anymore: By backing these startups, Coinbase is diversifying beyond crypto trading and positioning itself as a critical infrastructure provider in the Web3 world. This strategy is already paying off, with Base becoming a small but growing source of revenue.

Why it matters:

Coinbase's alumni network is turning it into more than just a crypto exchange. It’s becoming a central hub for blockchain innovation, with a growing influence in the crypto ecosystem.

Lemniscap raises $70m fund to boost early stage Web3 projects

Lemniscap, an investment firm based in the Cayman Islands, has launched a $70 million fund aimed at supporting early-stage Web3 projects. The focus is on enhancing the Bitcoin ecosystem by developing zero-knowledge infrastructure, consumer apps, and decentralized physical infrastructure (DePIN).

Key highlights:

Focus on Bitcoin: The new fund is targeting projects that add more utility to the Bitcoin blockchain, aligning with a trend of bringing more functionality to the world's first cryptocurrency.
Key investment areas: Lemniscap plans to invest in innovative areas like zero-knowledge technology and DePIN, which merges decentralized networks with real-world infrastructure.
Support from Accolade Partners: The fund is anchored by Accolade Partners, a major venture capital firm that raised over $1 billion earlier this year.
Previous investments: Lemniscap has already invested in over 130 projects, including notable blockchain networks like Avalanche, The Graph, and Axelar.