Coinbase Ventures是最活躍的加密VC之一，已支持300多個項目

Coinbase Ventures是Coinbase的投資部門，是加密貨幣中最活躍的VC之一，已支持300多個項目

Coinbase Ventures, the investment arm of cryptocurrency exchange Coinbase, is one of the most active VCs in the crypto space, having backed over 300 projects since 2018. The firm, which is led by figures like Shan Aggarwal (Head of Ventures) and has historically been influenced by folks like Jonathan King (a pseudonym or placeholder here, as leadership specifics shift), focuses on early-stage Web3, DeFi, and infrastructure startups.

Coinbase Ventures是加密貨幣交換Coinbase的投資部門，是加密貨幣領域中最活躍的VC之一，自2018年以來已經支持了300多個項目。該公司由Shan Aggarwal（風險投資負責人）等人物領導初創公司。

During a recent fireside chat at ETHDenver, King discussed the “evolution of investment models” in crypto, which may reflect how traditional VC approaches—equity stakes in centralized entities—are blending with crypto-native strategies, aligning with the decentralized ethos of blockchain.

在最近在埃塞德佛（Ethdenver）舉行的Fireside聊天中，金討論了加密貨幣中的“投資模型的演變”，這可能反映了傳統的風險投資方式（中央集中實體的平等股份）與加密本地策略融為一體，並與分散的大塊鏈分散精神一致。

“We’ve really seen an evolution of investment models in crypto to try to get at both sides of the startup,” stated King, hinting at a fusion of conventional and decentralized investment tactics.

金說：“我們確實看到了加密貨幣中的投資模型的發展，以嘗試在初創公司的兩邊。”

Traditional Equity: VCs buy shares in a company, expecting growth and an exit (IPO, acquisition). Coinbase Ventures has done this with centralized entities like Othentic (a $4M seed round in 2024) or Medallion (a fan engagement platform).

傳統股權：風險投資公司購買公司的股票，預計增長和退出（IPO，收購）。 Coinbase Ventures與Othentic（2024年400萬美元的種子回合）或Medallion（粉絲參與平台）等集中實體進行了此操作。

Token-Based Investments: In crypto, VCs often invest in protocols via tokens—either pre-launch (SAFTs: Simple Agreements for Future Tokens) or post-launch purchases. Tokens represent utility or governance rights, not equity. Examples include Coinbase Ventures’ stakes in Uniswap or Aave.

基於代幣的投資：在加密貨幣中，風險投資經常通過令牌投資於協議（SAFTS：對未來令牌的簡單協議）或發布後購買。代幣代表效用或治理權利，而不是公平。例如，Coinbase Ventures在Uniswap或Aave中的股份。

Hybrid Approach: This combines equity and tokens, hedging bets across a startup’s cap table and its protocol’s success. For instance, a VC might take a 5% equity stake in a Layer 2 startup like Base while also securing 1% of its future token supply. This dual exposure balances centralized upside (company valuation) with decentralized growth (token appreciation).

混合方法：這結合了權益和代幣，在初創企業的蓋帽表及其協議的成功中進行對沖賭注。例如，風險投資公司可能會在第2層啟動類（例如基礎）中獲得5％的股權股份，同時還可以確保其未來的令牌供應量的1％。這種雙重曝光平衡了集中的上升空間（公司估值）與分散的增長（令牌升值）。

King’s “shift” suggests Coinbase Ventures is increasingly leaning into this hybrid model, adapting to a market where startups often operate as both companies and protocols.

金的“轉變”表明，Coinbase Ventures越來越傾向於這種混合模型，該模型適應了初創公司經常作為公司和協議運作的市場。

Post-2021’s DeFi boom, tokenomics (token supply, vesting, utility) has become more sophisticated. Projects like LayerZero (cross-chain messaging) or Morpho (lending protocol) launch with clear governance and staking models, making token investments as structured as equity deals.

2021年後的Defi Boom，令牌（令牌供應，歸屬，實用程序）變得更加複雜。諸如LoyeZero（跨鏈消息傳遞）或Morpho（借貸協議）之類的項目以清晰的治理和Staking模型啟動，使代幣投資成為股票交易的結構化。

Pectra’s EIP-7251 (max validator balance increase) and EIP-7002 (smart contract withdrawals) enhance staking efficiency, boosting token utility in Ethereum-adjacent projects—key Coinbase Ventures targets.

Pectra的EIP-7251（最大驗證器餘額增加）和EIP-7002（智能合約提取）提高了靜止效率，提高了以太坊 - 附屬項目的代幣實用程序 - Key Coinbase Ventures目標。

Ethereum’s rollup-centric roadmap (blobs via EIP-7742) slashes fees, driving onchain activity. Base, Coinbase’s L2, exemplifies this, and Ventures backs its ecosystem (e.g., Avantis, BSX). Hybrid models let VCs fund both the L2’s centralized ops and its decentralized token layer.

以太坊的以匯總為中心的路線圖（通過EIP-7742的斑點）削減了費用，驅動了OnChain活動。 Coinbase的L2基礎，體現了這一點，並為其生態系統（例如Avantis，bsx）進行了冒險。混合模型讓VCS資助L2的集中式OP及其分散的令牌層。

By March 2025, U.S. crypto-friendly policies (hypothesized under a new administration of President Donald Trump) may legitimize tokens as securities or commodities, easing hybrid deals. King might’ve nodded to this, as Coinbase lobbies heavily for such clarity.

到2025年3月，美國加密貨幣友好的政策（根據唐納德·特朗普總統的新政府假設）將代幣合法化為證券或商品，從而減輕了混合交易。為了這樣的清晰，國王可能對此表示點頭，因為Coinbase很大程度上游說。

Tokens offer faster liquidity than equity (tradeable on DEXs like Uniswap), while equity promises bigger long-term wins. Hybrid models balance this—e.g., Coinbase Ventures’ $1M in Truflation’s CPI-tracking token (2024) alongside equity in its parent.

代幣提供的流動性比股權更快（在諸如UNISWAP之類的DEX上可以交易），而Equity有望更大的長期勝利。混合模型平衡了這一點-EG，Coinbase在Trufleation的CPI-Tracking代幣（2024）中與其父母的權益一起。

Some notable Coinbase Ventures investments in 2024 include:

2024年，一些著名的Coinbase Ventures投資包括：

* Socket ($5M, 2024): A blockchain interoperability protocol. Likely a hybrid deal—equity in the company, tokens for its cross-chain network.

*插座（$ 5M，2024）：區塊鏈互操作性協議。可能是一項混合交易 - 公司的股權，其跨鍊網絡的代幣。

* Puffer ($18M Series A, 2024): Ethereum staking infrastructure. Equity in Puffer’s ops plus tokens tied to its mainnet launch.

* Puffer（$ 18M Series A，2024）：以太坊的基礎設施。 Puffer的Ops Plus代幣中的股權與其主網發射有關。

* Integral (2023): An accounting firm catering to Coinbase Prime clients. This is an equity-focused investment, but it’s part of a broader strategy that includes tokenized bets on Base ecosystem projects.

* Integrall（2023）：一家為Coinbase Prime客戶提供餐飲的會計師事務所。這是一項以股票為中心的投資，但它是更廣泛的策略的一部分，其中包括基礎生態系統項目的標記賭注。

In his closing remarks, Jonathan King highlighted the importance of user experience and risk mitigation in Coinbase Ventures' investment strategy. He also emphasized the firm's support for Coinbase's broader goals, such as driving adoption of Base and onchain trading activity.

喬納森·金（Jonathan King）在閉幕詞中強調了用戶體驗和降低Coinbase Ventures投資策略的重要性。他還強調了公司對Coinbase更廣泛的目標的支持，例如推動基本和OnChain交易活動的採用。

“We're trying to fund the startups that are building the best user experiences and the best decentralized ecosystems, and we're really focused on investing in projects that align with Coinbase's core goals,” King elaborated.

“我們正在努力為正在建立最佳用戶體驗和最佳分散生態系統的初創公司提供資金，我們真的專注於投資於與Coinbase的核心目標保持一致的項目，” King詳細闡述。

As Coinbase Ventures continues to invest in promising Web3 startups, its hybrid investment model and support for user-centric projects will undoubtedly play a pivotal role in shaping the future of the crypto industry.

隨著Coinbase Ventures繼續投資於有希望的Web3初創公司，其混合投資模型和對以用戶為中心的項目的支持無疑將在塑造加密行業的未來方面發揮關鍵作用。