Coinbase has announced the formation of a new fund called Coinbase Ventures, which will be focused on providing investment funding to startups in the cryptocurrency space. In a blog post published on Thursday, the company explained that its goal is to help facilitate the growth and development of the digital currency ecosystem:
“We’ll be providing financing to promising early stage companies that have the teams and ideas that can move the space forward in a positive, meaningful way.
At least in the beginning, our goal is simply to help the most compelling companies in the space to flourish. This means that we don’t have the strategic requirement of formalizing partner relationships with such companies, as some corporate venture programs do. Our focus is on building strong relationships and helping to spur on the development of the ecosystem.”
On CNBC’s Fast Money on Thursday, Coinbase President Asiff Hirji described the company’s goals and focus:
“We will invest in companies that are in the space where we feel like they’re aligned with our mission and aligned with our values. These are going to be seed-stage investments.”
Hirji also confirmed that the fund already has $15 million available for investment, and that he expects that amount to grow as Coinbase grows.