It’s been a big week for Arbitrum. The project, which is building a layer-2 scaling solution for Ethereum, announced a $15 million raise from a number of well-known investors.
The list of backers includes Andreessen Horowitz, Polychain Capital, and Parity Technologies. But one name was conspicuously absent from the list: Coinbase.
This omission was all the more notable because Coinbase had been an early investor in Arbitrum, leading a $2.1 million seed round back in 2018. So what happened?
NOTE: This is a warning note to remind everyone that Arbitrum is NOT currently available on Coinbase. Please be aware and do not be taken in by any false claims or attempts to sell or purchase Arbitrum on Coinbase. Any such attempts may be fraudulent, and could result in financial losses or other forms of harm.
The most likely explanation is that Coinbase decided not to participate in this round because it has already invested enough in the project and doesn’t want to increase its exposure. Given that Arbitrum is still in the early stages of development, it’s understandable that the exchange would want to limit its risk.
Of course, it’s also possible that Coinbase simply doesn’t believe in Arbitrum’s long-term prospects. The project has yet to launch its mainnet, and there’s no guarantee that it will be successful.
Coinbase could have decided that it’s not worth investing more money in a risky bet.
Whatever the reason, Coinbase’s absence from this round of funding is notable. It’s possible that the exchange has cooled on Arbitrum and is no longer as bullish on the project as it once was.
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