Coinbase, the leading cryptocurrency exchange, and Framework Ventures, a prominent venture capital firm, have joined forces to invest a substantial $5 million in Socket. This strategic investment will empower Socket to further enhance its innovative blockchain technology solutions. With the backing of two influential players in the industry, Socket is poised to accelerate its growth and revolutionize the way businesses and individuals interact with cryptocurrencies.
Coinbase Partners with Socket to Enhance Cross-Chain Capabilities
The digital currency trading platform Coinbase has formed a partnership with blockchain company Socket to boost the cross-chain functionalities of its flagship products, Base and Coinbase Wallet. This collaboration aims to improve integration between these applications and other blockchains.
Framework Ventures Leads Financing Round for Socket
Framework Ventures, a renowned venture capital firm, is co-leading the financing round for Socket. This firm previously participated in Socket’s seed round in 2022, emphasizing its confidence in the venture. This investment strengthens the partnership between Base and Coinbase Wallet and Socket and Coinbase Ventures, promoting the development of both organizations.
Integration of Bridge Service into Coinbase Wallet
Through the Coinbase and Socket collaboration, a bridge service has been integrated into the Coinbase wallet. This cutting-edge technology allows Coinbase wallet users to easily send assets from the Ethereum blockchain, Base, and other Layer-2 (L2) solutions. This user-friendly feature is accessible on both mobile and web-based platforms.
Socket Enables Expansion of Applications on Base
Socket’s technology plays a crucial role in supporting the expansion of developers and applications on Coinbase’s Layer-2 solution, Base. Various applications, such as Layer3 Rainbow Wallet, Zapper, and Bungee, leverage Socket’s capabilities to simplify user onboarding and utilization of the Base platform.
Socket’s Impressive Growth since Inception
Since its establishment in November 2021, Socket has experienced remarkable growth. Facilitating over 2.5 million transactions worth approximately $3.5 billion across 15 blockchain networks, Socket has demonstrated its prowess as a cross-chain transaction platform. The company achieved its first milestone of one million transactions in just 11 months, and three months later, this number tripled.
Notable Players in Socket’s Ecosystem
Socket takes pride in its ecosystem, which includes notable players such as Coinbase, Metamask, Rainbow Wallet, Zerion, Instadapp, Zapper, GMX, Premia, and Synthetix. These wallets have pushed the boundaries and created exceptional cross-chain experiences.
Socket’s Commitment to Interoperability and dApp Development
Socket remains dedicated to providing a unified method for protocols to access the liquidity and consumers of various blockchain networks. As the cryptocurrency industry moves towards multiple layer 2s, interoperability becomes crucial for these protocols. Socket is ready to offer developers readily available resources and solutions for building decentralized applications (dApps).
Future Innovations by Socket
In the coming months, Socket plans to release more powerful cross-chain primitives that will open up new use cases. Socket’s leadership in blockchain technology is reshaping cross-chain protocol development and user interaction. Join Socket on this exciting journey as they redefine cross-chain protocol interaction and construction.