Coinbase Ventures - May 2023 Investments

Coinbase Ventures is a gem finder:

• Compound in 2018
• Opensea in 2018
• Synthetix in 2020
• Uniswap in 2020

Let's look at the 4 companies they added to their portfolio this month.

If you’re in crypto, you’ve heard of Coinbase.

Their investment arm, Coinbase Ventures, was founded in 2018 and invests in crypto projects that foster the growth of the virtual asset economy.

Like most VCs, they invest in a plethora of different companies.

This accomplishes two goals:

✅ Diversity
✅ More lotto tickets

Let’s discuss the four investments that Coinbase Ventures made this past month.

1. zkLink

On May 4th, @zkLinkorg completed a $10M strategic funding round.

zkLink is a unified multi-chain trading infrastructure that will connect various L1 and L2 chains.

2. Dolomite

A week later, the company @Dolomite_io completed a $2.5M funding round.

This protocol is building on Arbitrum and will be offering composable margin trading and lending.

3. Hourglass

Days later, Coinbase Ventures participated in the $4.2M seed round for @hourglasshq.

This protocol is effectively building a marketplace that allows for the trading of time-bound tokens (TBT), which are staked assets in DeFi protocols.

4. PYOR

The final investment of the month was part of a $4M seed round for @pyorxyz (Power Your Own Research).

This company aims to offer institutional grade digital assets data and insights.

Conclusion

Coinbase Ventures continues to be an active VC in the space despite the ongoing bear market.

Each company has an interesting value proposal with the potential for PMF.

Only time will tell how these choices play out.