Coinbase, Framework Venture Funds Invest $5M in Socket Protocol, in Bet on Blockchain Interoperability

Socket, a protocol focused on improving communication between blockchains, has raised $5 million from Coinbase Ventures and Framework Ventures to expand its work with Coinbase and provide bridging opportunities for developers and users of Coinbase Wallet and Base, aiming to connect fragmented ecosystems and enable seamless transactions across multiple networks.

coindesk.com

Relevant topic timeline:

8/23/2023

The Protocol: Coinbase Blockchain's Viral Use Case Puts Focus on Optimism's Tech

Coinbase's new Base blockchain, which operates as a layer-2 network atop Ethereum, has gained significant traction with its application Friend.tech attracting over 100,000 users and generating $25 million in fees, pushing its total value locked past $200 million and its transactions per second above Ethereum and rival layer-2 projects Arbitrum and Optimism.