Understand the meaning behind Acala supported by Coinbase's funds in 3 minutes by cheng-shuqi

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· @cheng-shuqi ·
Understand the meaning behind Acala supported by Coinbase's funds in 3 minutes
<p>On April 14th, Coinbase, the world&#x27;s largest cryptocurrency exchange, announced that it plans to use DPO for direct listing (direct listing), with the stock code COIN, officially listed on NASDAQ.</p>
<p><img src="https://hx24.huoxing24.com/image/crawler/2021/04/07/1617773706611554.jpg"/>*coinbase.com</p>
<p>Since its establishment, Coinbase, as an industry compliance benchmark in the crypto market, obtained the BitLicense of the New York Financial Services Department&#x27;s encryption license as early as 2017, and obtained official compliance certification for its operations in New York State; in 2018, Coinbase won the UK in one fell swoop An e-money license issued by the Financial Conduct Authority (Financial Conduct Authority); subsequently, Coinbase registered MSB licenses in multiple states through the Financial Crimes Enforcement Network (FinCEN).</p>
<p><img src="https://hx24.huoxing24.com/image/crawler/2021/04/07/1617773706613547.jpg"/>*coinbase.com</p>
<p>In addition to compliance, with more than 10,000 crypto assets in the world today, Coinbase has only launched 44 currencies. According to the official website, Coinbase’s cumulative transaction scale exceeds US$455+ billion, and its assets under custody exceed US$90+ billion. The user group covers 100+ countries and the total number of people exceeds 43+ million. The reason behind Coinbase Ventures&#x27; support for Acala is even more meaningful.</p>
<p>01Coinbase Ventures x Acala / Karura</p>
<p><img src="https://hx24.huoxing24.com/image/crawler/2021/04/07/1617773706686129.jpg"/></p>
<p>On April 2, Coinbase Ventures, a subsidiary of Coinbase, announced its support for Acala/Karura to jointly build a Polkadot/Kusama ecological one-stop DeFi center. As soon as the news was released, it was reported by more than 10 media including Cointelegraph at home and abroad.</p>
<p>See 🔎 for details: https://cointelegraph.com/news/coinbase-ventures-backing-defi-in-the-polkadot-ecosystem</p>
<p>In the upcoming Polkadot/Kusama slot auction, Coinbase Ventures&#x27; support for the Acala team will help Acala/Karura get the first slot on Polkadot/Kusama.</p>
<p>Prior to this, Acala has received 4 official funding support from the Web3 Foundation, and has received support from several world-renowned organizations including Polychain, Pantera, and DCG.</p>
<p>02 The significance of Acala/Karura launch</p>
<p>At present, the market value of Polkadot has exceeded 45 billion U.S. dollars, and it has become the top 5 in the world. However, many highly implemented ecological projects have not yet appeared in the ecological segmentation track. Acala/Karura is currently the most significant project that can be applied. The support of the team obviously injected great vitality and possibilities into the Polkadot ecology.</p>
<p>Acala is a one-stop Polkadot DeFi center, and Karura is a one-stop Kusama DeFi center. It provides a simple operation platform for Polkadot/Kusama users and satisfies many DeFi-related functions, such as lending, DEX, and staking liquidity. Asset LDOT/LKSM, this is currently the only platform in Polkadot/Kusama that can have so many application functions.</p>
<p>Imagine the future. After Karura and Acala are successfully launched through the slot, the KSM and DOT in your hands will immediately have a landing application scenario. For example, when you need to use liquidity, you don’t need to sell the KSM or DOT in your hand, and you can directly obtain kUSD/aUSD on Karura/Acala through staking; for example, when you want to obtain it in staking Asset liquidity, then you can change your KSM/DOT to LKSM/LDOT, so that you can have circulating and mortgageable chain assets LKSM/LDOT without losing staking income; another example , When you don’t want to exchange assets through a centralized exchange, you can quickly exchange assets directly through Karura/Acala DEX, and you can also become a DEX liquidity provider, earn DEX transaction fee income, and share loans The benefits of the agreement; finally, you can even participate in Liquidity Mining native to the DOT/KSM ecosystem to earn ACA/KAR rewards.</p>
<p>In the future, once more and more KSM/DOT are applied, the Kusama/Polkadot ecology will become more and more prosperous, and more importantly, the market performance will also be very good.</p>
<p>I believe that one of the best ways to promote the development of the Kusama/Polkadot ecosystem may be to give priority to the launch of Karura/Acala during the slot auction process, and provide the Polkadot/Kusama DeFi ecosystem with a series of DeFi DApps and stable assets provided by Karura/Acala Foundation to welcome a more prosperous future.</p>
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properties (23)
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root_title"Understand the meaning behind Acala supported by Coinbase's funds in 3 minutes"
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