- Cryptocurrency giants Binance and Coinbase continue to invest in and develop the crypto market despite the bearish trend since the FTX crash.
- Coinbase has made a strategic investment in Rocket Pool
, while Binance has invested $10 million in the Helio Protocol. - Both exchanges are making multi-million dollar investments in projects they see potential in, through their investment arms, Binance Labs and Coinbase Ventures.
The crypto market may be experiencing a downturn since the FTX crash, but industry leaders like Binance and Coinbase are still actively investing and developing. Notably, they are making significant investments in projects like Rocket Pool and Helio Protocol.
Investments from Coinbase and Binance
Through their investment subsidiaries, Binance and Coinbase continue to invest in crypto projects. Binance Labs, the investment arm of Binance, tends to favor projects built on the BNB Chain. Recently, Binance Labs invested $5 million in Curve.
Multi-million Dollar Investments in Potential Projects
Exchanges are investing millions of dollars in projects they see potential in. Coinbase, through its investment arm Coinbase Ventures, made a strategic investment in Rocket Pool. As a result of this investment, Coinbase Ventures purchased RPL tokens from Rocket Pool. Rocket Pool, which holds more than 780,000 ETH stakes, caught Coinbase’s attention with its platform features.
Coinbase announced a strategic investment into Rocket Pool by purchasing RPL tokens from the Rocket Pool team.
Rocket Pool is a leading liquid staking network on Ethereum, allowing users to stake ETH while retaining liquidity. The Rocket Pool network now consists of over 3,100…
— Wu Blockchain (@WuBlockchain) August 10, 2023
Binance’s Notable Investments
Binance’s investments are also noteworthy. Binance Labs invested $10 million in the Helio Protocol. Although Helio Protocol operates on the BNB Chain, it is focused on Ethereum. The project also aims to target networks like Arbitrum and zkSync.
Binance’s venture arm Binance Labs has invested $10 million into LSDfi protocol Helio Protocol. Though Helio is currently built on BNB Chain, its objective is to launch on Ethereum, and subsequently with prominent L2 networks like Arbitrum and Zksync. https://t.co/RWQw7fgSmz
— Wu Blockchain (@WuBlockchain) August 11, 2023
Conclusion
Despite the bearish trend in the crypto market, the investments by crypto actors seem to be preparing for a bull market. However, it’s worth noting that exchanges are investing in many crypto projects in this manner.
