Coinbase Ventures’ Strategic Investment Sees Rocket Pool Token Skyrocket

Coinbase Ventures, the investment arm of the largest publicly traded US cryptocurrency exchange, has expanded its relationship by purchasing the native token RPL of RocketPool’s Liquid Staking platform.

RPL (which provides direct incentives, governance and insurance for the Rocket Pool ecosystem) is up more than 9% over the past 24 hours to hit $28.82 according to AskFX data.

This announcement came several months after Coinbaes Ventures became a member of Rocket Pool’s Oracle Dao, a group composed of dedicated node operators who have additional responsibilities in the liquid staking system.

Coinbase Ventures has not disclosed the amount of RPL acquired. However, the company explained on X, formerly Twitter, that the purchase was a “strategic investment”.

In a Discord post, Valdorff, a pseudonymous member of the Rocket Pool community, said that the investment shows Coinbase’s “certain trust” in Rocket Pool, both the protocol and the RPL token. “Rocket Pool is a valuable brand and Coinbase wants us to be associated with them.”

Rocket Pool offers a 3.33% APY on Ether (ETH) stakes. According to its website, Rocket Pool has more than 779,000 ETH worth $1.4 billion. This makes it the third most popular platform for liquid bets by total value, behind Lido, Coinbase and blockchain analytics firm DefiLlama.