• Fri. Jun 21st, 2024

Coinbase And SoftBank Assist A Brazilian Crypto Firm To Raise Funds Worth $26M

May 13, 2021

Coinbase, alongside one of the major partners of Ripple based in Japan, has decided to provide assistance to a crypto firm based in Brazil that was founded by a former Microsoft executive. The assistance comes in the form of $26 million, an amount that can certainly be helpful if utilized in the proper way.

The Ripple partner in question is known as SoftBank Group Corp, and it is essentially a holding company and multinational conglomerate with headquarters situated in Tokyo. The company has stakes in various energy, financial, and technology companies, and it additionally operates Vision Fund as well, which is the biggest technology-based venture-capital fund in the entire world, holding more than $100 billion in terms of overall capital.

Coinbase is a remote-based company based in the United States that runs its own crypto exchange platform, and it had made headlines a while ago when it announced that it was going public on Nasdaq.

Both Coinbase and SoftBank Group Corp have managed to lead a round of funding through which Hashdex Gestora de Recursos, the Brazilian company in question, will be granted $26 million via fund-raising in order to help the company that just so happens to be currently working on cryptocurrencies at the moment.

Long-term investment

Many might be wondering as to why the two abovementioned parties would want to invest in the Brazilian company. Experts are claiming that this is, in fact, a long-term investment, as it is not just Coinbase and SoftBank, but a multitude of other various investors such as Globo Ventures, Valor Capital Group, Canary, and several other companies of the sort that are a part of this as well.

Hashdex had been founded in 2018 by Bruno Caratori and Marcelo Sampaio, a former executive at Microsoft. Fast forward to a little earlier on in this year, and Hashdex was able to roll out the Hashdex Nasdaq Crypto Index Fundo de Indice, which was the very 1st cryptocurrency ETF (Exchange Traded Fund) that was introduced in the country.

Huge quarterly profit for SoftBank

In related news, it had been revealed that SoftBank was able to record a profit of $17.7 billion for the 1st quarter of 2021. The amount had been generated via extremely high albeit unforeseen revenues through its respective investment business, which had been conducted through Vision Fund.

This recorded profit amount is also the highest that it has ever been for the company since all the way back in 1990.

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