Coinbase Invests Into Rocket Pool; RPL Token To Reach $40 ?

Crypto News: Coinbase Ventures, the corporate investment arm of United States based crypto exchange Coinbase, on Thursday announced a strategic investment into Rocket Pool, a decentralised Ethereum staking protocol, through the purchase of RPL tokens. Coinbase said that over the last one year, it has been working closely with Rocket Pool cofounders Darren Langley and Dave Rugendyke. “We have deep admiration for their commitment to building one of the largest, decentralized staking networks over the past 6+ years,” it said in a statement.

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Rocket Pool is ranked 68 among major cryptocurrencies in the world with a total market cap of $555 million. The network allows users to stake Ethereum (ETH) while retaining liquidity. Currently, the decentralized network consists of over 3,100 node operators with more than 780,000 ETH staked.

Coinbase Nodes On Rocket Pool Network

Coinbase said it plans to run hundreds of nodes on Rocket Pool to support safe and decentralized Ethereum infrastructure. Recently, the exchange launched Base, a new Ethereum layer 2 protocol.

“We are delighted to support Rocket Pool via active participation in their Oracle DAO and using ETH from our corporate balance sheet to operate several hundred nodes on the Rocket Pool network.”

Rocket Pool RPL Token Bullish; What Next

Interestingly, Rocket Pool network has by far the most node operators than any other staking provider, showing emphasis on the decentralization push. In comparison, Lido Finance has just 29 nodes. Meanwhile, the Rocket Pool RPL token price could be up for a major upswing in the coming weeks, thanks to the Coinbase investment. In the last 24 hours, the RPL token surged by around 8%. It remains to be seen if it could gain a 40% rise, nearing $40, considering Coinbase purchased the RPL tokens directly.

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Anvesh Reddy

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

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