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Coinbase Ventures, the investment division of the largest publicly traded cryptocurrency exchange in the United States, has strengthened its partnership with RocketPool. The firm revealed today that it has acquired the native token RPL of the liquid staking network.
RPL, the token that offers immediate incentives, insurance, and oversight for the Rocket Pool ecosystem, has surged by over 9% within the last 24 hours, reaching a value of $28.82 as reported by CoinDesk's market data.
The announcement took place a few months subsequent to Coinbaes Ventures becoming a part of Rocket Pool's Oracle DAO, which comprises a select consortium of node operators vested with additional duties within the realm of the liquid staking network.
Although the exact amount of RPL obtained by Coinbase Ventures remains undisclosed, the company stated on X (formerly known as Twitter) that the acquisition of these tokens was characterized as a "strategic investment."
The investment shows that Coinbase has “some confidence in both Rocket Pool, the protocol, and RPL, the token,” said pseudoanonymous rocket pool community contributor Valdorff to CoinDesk in a Discord message. “Rocket Pool’s brand is valuable and Coinbase wants to be tied to us.”
As stated on its official website, Rocket Pool provides a staking yield of 3.33% APY for ether (ETH) stakers. The platform currently holds over 779,000 ETH, which is valued at approximately $1.4 billion. This impressive amount ranks Rocket Pool as the third-largest liquid staking platform in terms of total value locked, trailing behind Lido and Coinbase. These statistics come from DefiLlama, a blockchain analytics firm specializing in decentralized finance tracking.
Source Coindesk
