TechFlow News — According to an official announcement, Coinbase Ventures has invested in Acala, a DeFi infrastructure project on Polkadot, as well as Karura, the Kusama-based DeFi hub developed by the Acala team. Acala is an EVM-compatible Layer 1 blockchain optimized for DeFi. The Acala team has also built a comprehensive suite of DeFi applications on top of the blockchain platform, delivering four core products: Liquid DOT staking (LDOT), a multi-collateralized stablecoin called Acala Dollar (aUSD), the AMM-based decentralized exchange Acala DEX, and a decentralized sovereign wealth fund (dSWF).
Coinbase did not disclose how much it would invest in the project or how the funds would be used. However, it noted that Acala must win a parachain auction on both Kusama and Polkadot to launch. As speculated by Cryptobriefing, the funding will likely support these auction bids.
