Coinbase Partners with Ethereum, Coinbase Ventures Buys $ENA

Decentralized finance (DeFi) protocol Ethereum has announced a strategic partnership with cryptocurrency exchange Coinbase to bring on-chain finance and savings products to a wider audience.

The two parties aim to expand financial products to more than 100 million users combined, with the first initiative of the partnership slated to launch next week.

Ethereum said the collaboration with Coinbase is intended to accelerate the adoption of on-chain finance and savings solutions, noting that the partnership's first growth-focused initiative will go live next week.

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Another notable element: Coinbase Ventures, the exchange's investment arm, has made an investment in Ethereum. The protocol announced that Coinbase Ventures purchased $ENA tokens on the open market.

In a statement, the company said Coinbase Ventures backed Ethereum by buying $ENA from the open market. It added that Ethereum plays a critical role in the on-chain finance ecosystem and expressed its pleasure in collaborating more closely with Coinbase and USDC.

A graph showing the price fluctuations of $ENA. *This is not investment advice. Charts, like opinions, are not financial guidance.