Cryptocurrency exchange Coinbase announced plans to launch a new investment Fund Coinbase Ventures to Fund start-UPS in the early stages of development.
In his blog, the company introduced the concept of the incubator and said that “advocates the establishment of an open financial system for the world.”
In his statement, Coinbase has promised to develop its own products, and to encourage the best minds in Cryptoprotected for the creation of new services and products.
“We will provide funding for promising startups that have the teams and ideas that can promote cryptoprotection forward”, — stated in the message.
The President of the company Asif, Hirji (Asiff Hirji) in an interview with the CNBC program Fast Money explained that the investment money will come from the balance sheet of the company and that the Fund “will invest in cryptocurrency companies that share the values of the Fund.”
The blog post States that the goal of the incubator is to help the prosperity of the most promising cryptocurrency startups. Besides, Coinbase will not create a strategic partnership, as do other venture capital investors, but instead will focus on building relationships that will contribute to the development of the ecosystem.
In addition, the report says that the Fund will also Finance company, able to become competitors Coinbase. The text says that the emergence of such companies is beneficial to all, and in the long term will help the growth of the ecosystem.
Hirji said that Coinbase is looking for investment of creators, and not just another cryptocurrency, where you can quickly earn. He also noted that the company will give preference to companies that they Fund, when it will be to reach the choice of cryptocurrency to be added to the trading platform. He stressed that the Fund “does not invest in currencies because of possible conflict of interest.”