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Acala and Karura Receive Backing from Coinbase Ventures

CryptocurrencyApr 02, 2021 05:31AM ET
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Acala and Karura Receive Backing from Coinbase Ventures

  • The investment arm of Coinbase supports Acala and Karura.
  • The objective is to ensure the network supports a wide range of backers.

Polkadot’s Decentralized Financial (DeFi) hub Acala Network welcomes Coinbase Ventures into its rapidly expanding ecosystem, according to the blog post.

More so, Acala is an EVM-compatible layer-1 blockchain optimized for DeFi. Moreover, the Acala team has also developed a full suite of DeFi applications on top of the blockchain network to enable four core products. However, the core products are Liquid DOT staking (LDOT), Acala Dollar (aUSD), Acala DEX, and Acala’s decentralized sovereign wealth fund (dSWF).

In addition, the investment by Coinbase Ventures also supports Karura. However, Karura is the DeFi hub of Kusama, and developed by the Acala team.

Acala and Karura Bootstraps Parachain Auctions

This article was first published on coinquora.com

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Acala and Karura Receive Backing from Coinbase Ventures
 

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