Coinbase Ventures Invests in Rocket Pool

Rocket Pool’s liquid staking service has attracted strategic investments from Coinbase Ventures’ venture arm.

Coinbase Ventures invested an undisclosed amount through the purchase of the utility token RPL. At the time of writing, it trades above $28, up 1.8% over the past 24 hours (CoinGecko). The asset’s market capitalization stands at $552.4 million.

Rocket Pool positions itself as a decentralized protocol that matches stakers with node operators within a single system. To participate, operators must hold 16 ETH and a small amount of RPL.

According to DeFi Llama, at the time of writing the value of assets locked in Rocket Pool stands at $1.89 billion.

Rocket Pool’s share of the liquid staking market is 8.1%. The project ranks third behind Lido (74.2%) and Coinbase (11.11%).

In June, Rocket Pool developers deployed the protocol on an L2 solution for scaling the Ethereum network called zkSync Era.