Coinbase recently announced the start of a new venture fund, with the intent of helping to push for an open financial system for the world.
“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.”
Coinbase intends to hire experienced C-level executives as it strives to build a Google like company for the cryptocurrency space, Coinbase’s general manager, Dan Romero told another member of the press.
With a goal of helping companies and not currencies, Coinbase is in the unique position to become a cryptocurrency version of Y Combinator, a trusted and well known startup incubator. Startups which have gone through the YC wringer have come out to be some of the world’s top companies.
Read the full blog post by Coinbase here.