$4.11B
has decided to restart its Stablecoin Bootstrap Fund, an initiative to help decentralized finance (DeFi) platforms access USDC
According to a blog post released on August 12, the fund will be managed by Coinbase Asset Management (CBAM).
Its first USDC allocations are going to Aave
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Coinbase stated that the goal is to support platforms that are already established as well as those just starting out.
The exchange said:
As we scale the fund over time and distribute liquidity across more protocols and stablecoins, we’re particularly eager to collaborate with pre-launch teams or those seeking to drive stablecoin growth from day one.
The exact size of the fund was not shared, but the plan is to expand it gradually. It is meant to make sure that users in the DeFi industry can access stablecoins at consistent and competitive rates, no matter which network or application they use.
This is not Coinbase’s first attempt at such a program. In 2019, after the launch of USDC, the company introduced a similar Bootstrap Fund. It helped some of the earliest DeFi platforms, including Uniswap
Coinbase recently announced plans to raise $2 billion through a private sale of convertible notes. What is the purpose of this funding? Read the full story.
