Coinbase invests 1.1 million USDC in Uniswap, PoolTogether via its Bootstrap Fund
April 1, 2020, 3:01PM EDT
1 min read
Cryptocurrency exchange Coinbase has invested 1.1 million USDC in Uniswap and PoolTogether in an effort to facilitate the two protocols' growth.
The awards were issued through Coinbase's USDC Bootstrap Fund, which was originally launched in September of last year. According to a previous announcement post, the fund aims to support decentralized finance (DeFi) projects by investing directly into their smart protocols.
Last year, Coinbase put 1 million USDC apiece into money market protocol Compound and margin trading protocol dYdX. Any counterpart on the two platforms can borrow the USDC tokens on their crypto collateral.
In a Wednesday announcement, Coinbase disclosed that it had provided financial support to two additional projects - Uniswap and PoolTogether. With Uniswap, the fund has injected 1 million USDC into the protocol's USDC/ETH pool. With saving game PoolTogther, Coinbase has invested 100,000 USDC as a spool sponsor to increase USDC depositors' potential rewards.
Speaking of its investment in Uniswap, Coinbase noted that the protocol has grown considerably since launch and now has approximately $33 million of liquidity.
"Their constant market maker model makes it easy to launch a liquid exchange for any token, and is increasingly becoming critical infrastructure for tokens and applications that need liquidity," Coinbase said.
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