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Coinbase Ventures Investment Fund’s Portfolio Overview

What is Coinbase Ventures?

Coinbase Ventures is an investment fund of the Coinbase exchange founded in April 2018 in the United States.

Coinbase Ventures focuses on projects about Cryptocurrency and targets projects with a transparent development team and is inclined to invest in long-term projects.

Team

Brian Armstrong

The most prominent in the team is Brian Armstrong: CEO & Co-Founder of Coinbase. As of 2021, Brian Armstrong’s total assets are around 11 billion dollars.

  • Initially, Armstrong was a developer for IBM and a consultant at Deloitte.
  • In 2011, Armstrong joined Airbnb as a software engineer and worked on payment systems in the 190 countries Airbnb operated at the time.
  • In 2012, Armstrong joined Y Combinator – the startup accelerator and received a $150,000 investment. And he started Coinbase with this money.
  • Coinbase went public in a Nasdaq direct offering on April 14, 2021, shortly reaching a market cap of $100 billion.
  • Armstrong owns a roughly 19% stake in Coinbase, which made $322 million in profits on nearly $1.3 billion in revenue in 2020.
Brian Armstrong
Brian Armstrong

Emily Choi

Emilie Choi – President and CEO at Coinbase: specializes in consumer internet, SaaS, digital media, mergers and acquisitions, investments, corporate strategy, business operations, business development , international investment and also angel investing for a number of projects. Emilie graduated with a BA in Economics from Johns Hopkins University and an MBA from the Wharton School of the University of Pennsylvania.

Emilie Choi
Emilie Choi

Shan Aggarwal

Shan Aggarwal – Coinbase Business Development and Investment Fund Manager: specializes in evaluating investment opportunities, finding new deals, and working with existing portfolio companies.

Prior to joining Greycroft, Shan served as a management consultant for Bain & Company. While at Bain, Shan has advised clients in the Media, Consumer Goods, Technology and Healthcare sectors, as well as spent time with the Private Equity Group. Shan is also an active member of the UCLA alumni community, serving as a mentor to aspiring business students in the Sharpe and Alumni Scholarship programs.

In addition, Coinbase Ventures also has a number of members who have worked in many large corporations such as Google, Facebook,…

Coinbase Ventures’s Portfolio

As of Q3 2021, Coinbase Ventures’ portfolio size is over 200 companies and projects. Therefore, Coinbase Ventures is considered one of the most active VCs in the past year.

In the third quarter, Coinbase Ventures made 49 investments – an all-time record. On average, Coinbase Ventures will have a new deal every 1.8 days. This is up from 28 investments made in Q2 and 24 in Q1.

According to statistics, more than 90% of the capital invested by Ventures has been deployed in 2021, reflecting the rapid growth of Coinbase Ventures in its fourth year of operation.

Coinbase Ventures's Portfolio Allocation
Coinbase Ventures’s Portfolio Allocation

Coinbase’s portfolio is diverse with many different areas. In there:

  • Protocols + Web3 Infrastructure: 29%
  • Defi: 24%
  • Cefi: 18%
  • Platform + Developer Tools: 15%
  • NFT/Metaverse: 9%
  • Miscellaneous: 5%

Dashboard

  • Zapper: As a Dapp, it helps to manage, monitor and deploy Crypto Assets on multiple Defi Protocols in one transaction, saving you time.
  • InstaDapp: All-in-one platform to help you interact with DeFi space easily.

Wallet

  • Dharma: A wallet that stores tokens on Ethereum, along with the ability to buy and sell tokens on Ethereum quickly. Coinbase invested in Dharma in February 2019, along with Green Visor Capital, Polychain Capital, Y Combinator, etc.
  • Torus: The product suite includes infrastructure, wallet, etc. to provide users with an easy, password-free login storage utility.
  • Casa: BTC storage wallet. Coinbase invested in the February 2021 Seed round, together with Avon Ventures, Tioga Capital, Cadenza Ventures (investment fund affiliated with BitMEX).
  • Multis: A wallet that automates payments, tracks assets, and can scale a user’s business.

Lending

  • Naos Finance: Lending platform for real assets.
  • X-margin: Unsecured Lending project for businesses. Coinbase together with Polychain, Alameda, Spartan,… invest in Series A in September 2021.
  • Compound: One of the most famous Crypto Lending projects with Market Maker mechanism.

Infrastructure

  • Terra: Layer 1 in the Cosmos ecosystem, Terra is known for its LUNA duo and algorithmic Stablecoin UST.
  • Matte Labs: The team behind zkSync, a popular Ethereum Layer 2 solution.
  • Celo: Layer 1 focuses on phones, it is also the first Mobile-blockchain project on the market.
  • Mina: Blockchain project with the goal of becoming one of the lightest Blockchain in the world.
  • Polygon: Formerly Matic, Sidechain is similar to Binance Smart Chain, solving Ethereum’s congestion problem.
  • The Graph: The Graph is a Protocol that allows Indexing and querying Data from Blockchain, it helps to quickly build decentralized applications on Ethereum and IPFS using GraphQL.

Investment

  • BlockFi: The famous financial platform that helps users trade, lend, receive profits from savings. BlockFi had 4 rounds of funding in Series A, B, C D, but could not find the time Coinbase invested in BlockFi.
  • Saffron: The project supports users to invest according to suitable risk preferences. Coinbase invested in the March 2021 Strategic Round, along with Multicoin and other funds.
  • FTX: An exchange famous for derivative products, as well as currently one of the largest Crypto exchanges currently.

Analytics

  • Messari: Popular Crypto analytics site. In addition to providing high-quality analysis, Messari also features in-market indicators on its homepage.
  • Nansen: Crypto’s famous on-chain index tracking site. You can track specific information such as the number of tokens in each wallet, the top holder of the token, etc.
  • Dune Analytics: An extremely familiar project, where you can track a lot of data not only in the project, but also in each Sector such as AMM market share, Lending, etc. These data are all uploaded by users, so it’s very decentralized and diverse.

NFT/Gaming

  • Animoca Brand: A fairly well-known investment fund recently, specializing in investing in the Gaming segment.
  • GuildFi: Gaming Guild helps new players to access games more easily.
  • Opensea: NFT exchange has the largest volume and revenue currently.
  • Rarible: One of Crypto’s sizable NFT exchanges.

Coinbase Ventures Vision

  • Coinbase Ventures provides financing for potential projects and startups at an early stage.
  • The goal of Coinbase Ventures is to help potential companies in the crypto space thrive.
  • A glance at the projects Coinbase Ventures has invested in shows that they do not require the strategy of formalizing partnerships with companies as some corporate venture programs do.
  • Coinbase Ventures’ focus is on building strong relationships and helping to drive the growth of the ecosystem.
  • It is for these reasons that Coinbase Ventures invests in companies in the same industry that can compete with them. Because according to Coinbase, it all benefits when the ecosystem explodes and innovates.

Summary

Coinbase is one of the big names in Crypto, so the quality of projects in their portfolio is always appreciated by the community. Therefore, it is possible to list major exchanges like Binance, or Coinbase. Above is an overview of Coinbase Ventures investment fund, you can refer to Coinbase’s Portfolio to learn more about Coinbase’s trends in the near future.