Coinbase, one of the largest cryptocurrency exchanges, has now invested an undisclosed sum in Japan-based multi-chain platform Astar Network, the protocol revealed in a blog post Monday.
We are thrilled to announce @coinbase Ventures joins the Strategic round of Astar🎉
— Astar Network – Next Generation Smart Contract Hub (@AstarNetwork) March 7, 2022
Coinbase has invested in the startup through its venture capital arm, Coinbase Ventures, which has also funded several renowned names, such as Audius, Coinswitch Kuber, Amber Group, and more. With its investment in Astar Network, it has joined the likes of Binance Labs, Crypto.com Capital, Polychain, and Polkadot’s Gavin Wood.
Astar Network, developed by Stake Technologies in 2021, previously raised over $22 million in a January strategic round led by Polychain. At the time, Alameda Research, Alchemy Ventures, Crypto.com, and well-known soccer player Keisuke Honda also participated in the fundraiser.
In December last year, the protocol became the third winner of Polkadot’s parachain auction after collecting more than 10 million DOTs during the auction period. After two and a half years of development, Astar launched its mainnet on January 17 this year. It is a multi-chain smart contracts platform that supports layer 2 solutions like Rollups on Polkadot.