• Coinbase Ventures has invested in the liquid staking platform, Rocket Pool.
• The acquisition involved an undisclosed amount of RPL, the native token of the protocol.
• RPL is up 7.81% in the last 24 hours, changing hands at $28.33 with a market cap of $556 million.

Coinbase Invests in Rocket Pool

Coinbase Ventures, which is affiliated with the cryptocurrency exchange, Coinbase, has invested in the liquid staking platform, Rocket Pool. The acquisition involved an undisclosed amount of RPL, the native token of the protocol. In an Aug. 10 tweet, Coinbase Ventures said it would actively engage in Rocket Pool’s Oracle DAO and operate a “substantial number of nodes” using Ethereum (ETH) from their corporate balance sheet.

The Concept Behind Rocket Pool

Rocket Pool’s concept allows individuals to support new validators even if their stake falls below the minimum required to independently fund an Ethereum network validator node. This has led to over 3,100 operators and over 780,000 ETH staked on the network.

Impact on RPL Token Price

When writing, RPL is up 7.81% in the last 24 hours, changing hands at $28.33 with a market cap of $556 million.

Other Projects Invested By Coinbase Ventures

Coinbase Ventures has invested in multiple crypto projects including Uniswap, Alchemy and OpenSea apart from Rocket Pool investment news . This investment news comes a day after Coinbase launched its layer-2 protocol Base after four months of testing period .

SEC Lawsuit Against Coinbase

Despite these investments , Coinbase has been sued by United States Securities and Exchange Commission (SEC). The regulator alleges that the exchange facilitated trading unregistered assets .