Coinbase Ventures: The Updated Investment Portfolio in 2024

7 min read
Coinbase Ventures Portfolio.

Discover Coinbase Ventures investment portfolio for 2024, highlighting their strategic investments, key team members, and the most successful deals that have positioned them as a leader in the crypto investment space.

Coinbase Ventures, the investment arm of the renowned cryptocurrency exchange Coinbase, has been at the forefront of backing successful startups in the crypto and blockchain space. With a mission to push the boundaries of the crypto ecosystem, their 2024 portfolio showcases a diverse range of investments, from innovative DeFi protocols to cutting-edge blockchain solutions.

In this article, we’ll delve into the key investments of Coinbase Ventures in 2024 and the team behind these strategic decisions.

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Coinbase Ventures: What are they?

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Coinbase Ventures Portfolio in 2022. Source: Coinbase Ventures

Coinbase Ventures is the venture investment arm of Coinbase company that seeks and invests in crypto-related startups around the globe. It was founded in 2018, and its first investment was Compound, a popular lending protocol in May of the same year.

With the goal of advancing the cryptocurrency industry, Coinbase Ventures is always on the lookout for companies developing innovative products with the potential to significantly create new crypto narratives. The fund has invested in over 400 companies, including some renowned names in the industry, such as Compound, Dapper Labs, and OpenSea. Additionally, Coinbase Ventures is unique in its willingness to support companies that compete with itself, something not every company can do.

Who is behind Coinbase Ventures?

The success of Coinbase Ventures is not just a result of strategic investments but also the dedicated team behind these decisions. Here are some key team members who have been instrumental in shaping the 2024 portfolio:

Brian Armstrong

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Brian Armstrong is the CEO and co-founder of the Coinbase exchange as well as the investment fund Coinbase Ventures. He is a visionary leader in the cryptocurrency sector and has made significant contributions to the industry’s growth.

Before establishing Coinbase and Coinbase Ventures, Armstrong worked for major companies like IBM, Deloitte, and Airbnb in roles such as developer, advisor, and software engineer. In 2020, Armstrong earned a profit of $322 million on Coinbase’s revenue of nearly $1.3 billion, making him one of the most successful CEOs in the cryptocurrency market.

Emily Choi

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Emilie Choi is the Chairman and Chief Executive Officer at Coinbase Global. She is passionate about startups, technology, and business. Emilie Choi joined Coinbase in March 2018 as Vice President, overseeing business, data, and international affairs. She has also been a board member of ZipRecruiter Naspers Limited, a subsidiary of Naspers Limited.

Previously, Choi held several significant positions in major companies and corporations. She was the Vice President and Head of Business Development at LinkedIn Corporation, led development, strategy, and operations at Warner Bros Entertainment, and was a senior investment banking analyst at Legg Mason Wood Walker.

Shan Aggarwal

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Shan Aggarwal holds the position of Investment and Development Manager at Coinbase, specializing in identifying, assessing, and evaluating new deals while fostering partner relationships with companies and projects in which Coinbase invests. In his 5 years of service, Aggarwal has assisted Coinbase in finalizing over 300 big and small investment deals and has secured a spot among the top 100 venture capital experts in the 2024 Powerlist by Global Corporate Venturing.

Beyond venture capital investments, Aggarwal also leads Coinbase’s global mergers and acquisitions, including purchasing cryptocurrency brokerage firm Tagomi and cryptocurrency asset management company One River Digital.

Key Investments in the Coinbase Ventures in 2024

Despite challenging operating conditions and a downturn in the market, Coinbase Ventures remains a leading name in investment deals in 2024. Below is an overview of the fund’s investment portfolio as of September 2024.

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Coinbase Ventures: Investment Portfolio in 2024. Original Tweet

DeFi

Alkimiya: an open-source, permissionless protocol allowing miners and validators to receive upfront revenue to fund future production.

Architect: a DeFi platform founded by the former FTX US President, Brett Harrison. This platform offers traders adaptable infrastructure to redefine access to the global digital asset market.

Alongside: an index token protocol. The AMKT token represents a basket of digital assets designed to track the cryptocurrency market’s capitalization.

Rocket Pool: a liquid-staking protocol compatible with Ethereum 2.0, built to allow anyone to become a validator on the Ethereum network with as little as 0.01 ETH.

Mauve: a DEX that adheres to traditional financial principles to minimize risks for partners.

Term Finance: a lending protocol that uses a unique auction model to support loans with specific interest rates and durations.

EigenLayer: EigenLayer is the first restaking protocol built on Ethereum.

Affine: a cross-chain protocol that allows users to invest in multiple assets simultaneously.

Maverick Protocol: an innovative AMM DEX that employs a new AMM mechanism, making it easier for Liquidity Providers to provide liquidity and earn more profits from the platform.

Connext: an interoperable protocol that facilitates the rapid transfer of assets between EVM blockchains.

Hourglass: a protocol that facilitates trading time-bound tokens (TBT). TBTs represent assets staked in DeFi protocols for a specific committed duration.

Dolomite: a DEX operating on Arbitrum, offering trustless transaction settlements for over-collateralized loans, margin trades, and liquidity through AMMs.

DFlow: a decentralized trading platform for order placement, using a payment-for-order-flow (PFOF) model to ensure optimized trading performance for individual investors and offers safe profit opportunities from individual investor order provision.

Credora: Credora is a lending protocol that supports credit by authenticating real-time risk indicators in a zero-knowledge environment.

Socket Protocol: A protocol aimed at enhancing communication between blockchains.

Alluvial: A software development company supporting the development of the Liquid Collective protocol with enterprise APIs and development services. 

MountainUSDM: The first nationally regulated yield-bearing stablecoin USDM

MSafe: MSafe (aka Momentum Safe) provides digital assets management solutions with secure UX, available on Aptos and Sui blockchain.

Infrastructure

Obol Labs: an Ethereum-based infrastructure project aiming to promote the adoption of distributed authentication technology by developing the Obol network and its ecosystem.

Yoz: a Web3 platform designed to simplify user notifications by offering a “low-to-no code interface” feature, requiring only smart contracts to start.

zkLink: a multi-chain infrastructure that provides a seamless and secure trading experience for users across various blockchains.

Chaos Labs: a risk management and security platform with high automation for DeFi protocols.

Data Service

Cloudburst: a system offering intelligent cybersecurity solutions that is designed to combat fraud in cryptocurrency transactions and digital assets.

Turnkey: Turnkey is a platform that provides simple APIs for secure private key management.

PYOR (Power Your Own Research): PYOR is a digital asset data platform aimed at accelerating institutional participation in Web3. It provides detailed and reliable information and data for organizations and Web3 analysts.

AwesomeQA: an AI bot answers community questions directly within Discord or Telegram channels, as well as on websites, using the provided knowledge base, chat history, and documentation with 98% accuracy.

NFT/Gaming/Metaverse

Avalon: Avalon is a metaverse project allowing users to connect with each other through technologies like game engines and blockchain, giving gamers and creators the ability to build worlds in their own unique style.

Legions and Legends: an NFT collecting and combat role-playing game by Azra Games.

paprMEME: an NFT lending protocol built on Uniswap V3.

FirstMate: A startup aiming to equip NFT creators with digital storefronts.

In Conclusion

Coinbase’s expansion strategy is to invest in early-stage cryptocurrency and blockchain firms. Nevertheless, due to the high number of investments and a lack of employees, Coinbase Ventures chooses to participate in rounds run by other venture capital firms and does not sit on the board of directors.

Coinbase Ventures has published insights into the web3 social media landscape, emphasizing platforms that give users control over their data and enable permissionless innovation. As Coinbase aims to bridge the gap to web3 by offering seamless access to the crypto economy, with developments in self-custody wallets and developer tools, they tend to empower founders who are building the decentralized infrastructure of the future and projects that can drive meaningful value in the crypto space.

FAQ

How much is Coinbase Ventures worth?

With 28 assets in its group, Coinbase Ventures Portfolio currently has a combined market cap of $759,206,670,044. As of October 6, a typical asset in Coinbase Ventures Portfolio has a median price of $29,728, and an average price of $1,061.72. In the past 24 hours, Coinbase Ventures Portfolio’s average asset value increased by 2.97%.

Should we follow the Coinbase Ventures portfolio?

Let’s review the performance of those project tokens that were invested in by Coinbase Ventures (ATH prices with prices at the beginning of 2021) as follows:

  • Compound (COMP): 570%.
  • Dodo (DODO): 3,400%.
  • LIDO Finance (LDO): 960%.

Coinbase Ventures has a track record of investing in innovative crypto projects. It might be worth considering if your investment goals align with the crypto industry’s growth and you believe in the projects they back.

However, before making any investment decisions, conduct thorough research. While Coinbase Ventures does rigorous vetting, it’s essential to personally understand the projects and their potential.

What is the thesis behind Coinbase Ventures investments?

Coinbase Ventures’ investment thesis revolves around supporting the crypto ecosystem’s growth. They invest in early-stage startups that align with their mission to create an open financial system. Their focus is not just on projects that benefit Coinbase directly but on the broader crypto and blockchain industry.

What is the investment trend of Coinbase Ventures in 2024?

While looking at Coinbase’s portfolio, you may find the following features. Coinbase is a popular cryptocurrency investment platform. Coinbase not only invests in crypto enterprises anonymously (no headquarters), but they also invest in a wide range of non-crypto firms. New Ethereum-base protocols, Real-world Assets, Interoperability, and Cross-chain solutions are some of Coinbase’s most important investment sectors 2024.

Want to learn more about DeFi trend this year? This is the list of 11 Innovative DeFi Projects To Watch In 2024.

Will Coinbase Ventures invested projects launch their tokens on Coinbase?

Since Coinbase is one of the most significant crypto ventures, the community always appreciates its portfolio’s high-quality projects. As a result, big exchanges like Binance and Coinbase may list their tokens. However, not all invested projects by Coinbase Ventures will be listed on Coinbase.

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Disclaimer: This article serves informational purposes only and does not constitute financial advice. Conduct your own research before making investment decisions.