Coinbase Announces Coinbase Ventures, Support for Bitcoin Forks

coinbase venture fund

After teasing a “major announcement” on CNBC’s Fast Money, Coinbase President and COO Asiff Hirji revealed Coinbase Ventures – a new program geared toward financing startups in the crypto space with high potential. Coinbase seeks to support and facilitate new ideas and growth in the industry through the program.

Coinbase says that their program is more lax than other corporate venture programs, so they can focus on “building strong relationships and helping to spur on the development of the ecosystem.” Coinbase also points out that they may invest in companies that appear to be competition to Coinbase, because it is “in everyone’s interest to see the ecosystem innovate.”

Hirji says that the first round of investments are going out “this week” and that the company is “super excited about the fund.”

In addition to the Coinbase Ventures program, the company also announced adding support for the withdrawal of Bitcoin Forks for their customers.

Like any bitcoin holders, customers that held bitcoins in their Coinbase wallets prior to any bitcoin hard forks are entitled to those new coins created by the fork. But up until now, Coinbase has only enabled support to claim Bitcoin Cash, due to it being among the four crypto assets the company supports. Moving forward, those entitled will be able to withdraw additional forked coins, such as Bitcoin Gold and Bitcoin Diamond.

Coinbase reiterates that this does not mean they will be supporting these assets, and are currently undecided as to which bitcoin forks will be available for withdrawal. Coinbase says they will look at the “technical, operational, and legal considerations when deciding which Bitcoin Fork assets to support.” When a decision is made, Coinbase will make an announcement on their website.

Support for bitcoin forks will also be added to Coinbase Custody and GDAX, however, the assets will not be available for trading. Coinbase currently has no plans to support bitcoin forks in the Coinbase Index Fund nor their Coinbase Commerce program.

Back in March, Coinbase also announced support for Ethereum-based ERC20 tokens, but has yet to add any related assets to its platforms for investors.