Coinbase is looking back on 2021, and there are some formidable stats to wade by means of as we perceive the expansion of the alternate and the crypto house in only a 12 months.
Time to have “fund”
In 2021, enterprise capital funding hit a never-before-seen excessive as near $30 billion entered the crypto sector. This was greater than the VC crypto funding secured between 2012 and 2020 – combined. About its personal milestones, Coinbase said,
“2021 was additionally a document 12 months for Coinbase Ventures, with slightly below 150 offers, averaging a brand new deal each 2.5 days. On a cumulative foundation, greater than 90% of the capital Coinbase Ventures has deployed since inception was deployed in 2021…”
One other space the place Coinbase was a serious stakeholder was the DeFi house, which makes up 23% of Coinbase Ventures’ Portfolio. Coinbase stated it was “most active” in Ethereum’s DeFi ecosystem, but additionally invested in Solana (Orca, Solend), Cosmos (Umee), Algorand (Of us), Polkadot (Acala, Moonbeam), NEAR, Polygon, and naturally, Bitcoin.
It’s vital to note right here that Coinbase’s investments in Ethereum may very well be a stepping stone because it prepares for the much-anticipated launch of Coinbase NFT. In late 2021, Vice President of Merchandise at Coinbase, Sanchan S. Saxena, shared that whereas the NFT market can be cross-chain, it could start with Ethereum.
Venturing into controversy
Whereas Coinbase may be bullish concerning the future, there’s been some furore surrounding Coinbase Ventures, VC-backed tokens, and whether or not Coinbase’s itemizing actions pose a battle of curiosity.
Moreover, Startups and Econ publication writer Fais Khan studied 128 of Coinbase’s listings, and observed,
“As soon as a coin has been on Coinbase for a 12 months, it seems to lag Bitcoin and Ethereum fairly soundly.”
For its half, nevertheless, Coinbase published a statement that confused on the space between Coinbase and Coinbase Ventures’ operations.
Coinbase reported that Ventures had invested “closely” in “utility” based mostly NFT tasks, equivalent to audio and avatars. Nonetheless, the crypto alternate’s outlook for 2022 didn’t particularly focus on the Coinbase NFT market. When introduced final 12 months, the information led to an explosion in curiosity and over 1 million individuals reportedly joined the waitlist.
When Coinbase NFT lastly makes its debut, nevertheless, it should face off in opposition to not one however two NFT market giants: OpenSea and LooksRare.
That stated, a preview of Coinbase NFT has been launched for individuals who can’t wait to interrupt out their artwork provides – and crypto wallets.
Earlier, I shared the product preview of @Coinbase_NFT and the way it is going to be tremendous simple for anyone to get began.
Right this moment, I wish to share how simple it is going to be for anyone to purchase an NFT on @Coinbase_NFT utilizing a self-custody pockets of selection (CB Pockets, Metamask and many others.)
— Sanchan S Saxena (@sanchans) January 26, 2022