Popular cryptocurrency exchange Coinbase is launching a venture fund that will invest in companies changing the world of finance, the company announced in a blog post.
Coinbase Ventures will aim to help most compelling companies in the space to flourish.
“We’ll be providing financing to promising early stage companies that have the teams and ideas that can move the space forward in a positive, meaningful way,” the exchange said.
The company said they will not have to formalize partner relationships with such companies, as some corporate venture programs do.
Coinbase also said it could be investing in its competitors, as well.
"You may also see us invest in companies that ostensibly look competitive with Coinbase," the San Francisco-based company said.
"We're taking a long term view of the space, and we believe that multiple approaches are healthy and good."
In a separate blog post, Coinbase announced its support for withdrawals in Bitcoin forks.
By Jade Olafson