DeFi Tops Coinbase Ventures 2021 Portfolio Breakdown, Divulges Coinbase Ventures Associate

Connor Dempsey, a Coinbase Ventures associate, recently published a breakdown of the firm’s portfolio for last year, divulging that the decentralized finance was tied with centralized finance as the top investment bracket.

Coinbase Ventures is the venture capital arm of digital asset exchange giant Coinbase. As per a recent post by Dempsey, the company made just under one hundred and fifty new deals last year, bringing the total number of startups in its portfolio to two hundred and fifty.

Notably, both decentralized finance and centralized finance accounted for around twenty three percent of the total. Noteworthy recent investments in each category include the company’s backing of decentralized finance wallet startup DeBank and the financial advisor-focused virtual currency investment platform Onramp Invest, respectively.

The next biggest class was what the firm calls “protocols and web3 infrastructure,” which represented around twenty percent. That was followed by non-fungible token (NFT)/metaverse domain investments, with around seventeen percent. One renowned non fungible token startup the venture firm has backed recently is the music platform Royal. For now, the exchange is planning to instigate its own NFT marketplace.

Notably, investments in platform and developer tools, for instance, digital asset tax reporting platform CoinTracker, accounted for fifteen percent of Coinbase Ventures’ portfolio in 2021. The remaining two percent went to uncategorized recipients.