Coinbase and Framework Ventures invest $5 million in Socket!

The prominent digital currency trading platform Coinbase, which also has a division for venture capital, is collaborating with the reputable blockchain company Socket. The primary objective of this partnership is to enhance the cross-chain capabilities of Coinbase’s flagship products, Base and Coinbase wallet. Through this collaboration, they hope to increase the level of integration between these two applications and other blockchains.

A well-known venture capital firm, Framework Ventures, is co-leading the financing round for Socket. They already participated in Socket’s initial seed round in 2022, and their most recent investment illustrates their confidence in the venture.

By virtue of this investment, the partnership between Base and Coinbase wallet, as well as Socket and Coinbase Ventures, is believed to have been significantly strengthened. In addition, it will promote the development of both organizations.

The collaboration between Coinbase and Socket resulted in the integration of a bridge service into the Coinbase wallet. Using this cutting-edge technology, Coinbase wallet users can send assets from the Ethereum blockchain, Base, and other Layer-2 (L2) solutions with just a few clicks. This user-friendly feature is available on mobile and web-based platforms.

Socket technology is proving crucial to the expansion of developers and applications on Coinbase’s recently released Layer-2 solution, Base. Various applications, including Layer3 Rainbow Wallet, Zapper, Bungee, and many others, utilize Socket’s capabilities to make it simpler for users to begin utilizing the Base platform.

The unfaltering commitment and support of Framework Ventures demonstrate their complete trust in Socket’s potential. Ventures was responsible for leading Socket’s seed round the year prior and actively contributed to the company’s current success.

Since its inception in November 2021, Socket has experienced phenomenal growth. Across 15 blockchain networks, they have facilitated over 2.5 million transactions worth approximately $3.5 billion. They reached their first milestone of one million transactions in 11 months; five months later, the number multiplied, and three months later, it tripled! This growth speaks volumes about Socket’s capabilities as a cross-chain transaction platform.

Socket is extremely proud of the applications in its ecosystem that have pushed the envelope and created amazing cross-chain experiences. Wallets like Coinbase, Metamask, Rainbow Wallet, Zerion, Instadapp, Zapper, GMX, Premia, and Synthetix are a few notable players in this ecosystem.

Socket remains committed to its goal of providing a unified method for protocols to access the liquidity and consumers of various blockchain networks. Interoperability has become a requirement for these protocols as the cryptocurrency industry advances towards multiple layer 2s. Socket is prepared to provide developers with readily available resources and solutions for building decentralized applications (dApps).

In the next months, Socket expects to release even more powerful cross-chain primitives that could enable new use cases. Socket is leading the way in blockchain technology by changing cross-chain protocol development and user interaction. Join Socket on this amazing trip as they reimagine cross-chain protocol interaction and construction.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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