TL;DR: Coinbase Ventures is joining Socket as a strategic investor. With this investment, we’re expanding our collaboration with Coinbase to bring cross-chain primitives across their products like Base & Coinbase Wallet.
Framework Ventures is co-leading the funding round. Framework led Socket’s Seed Round earlier in 2022 and is now doubling down on the earlier investment.
We’re glad to announce a $5mn strategic investment from Coinbase Ventures & Framework Ventures. The investment is extremely exciting as it builds upon our existing collaboration with Coinbase Ventures and Coinbase products like Coinbase Wallet & Base.
One example of this partnership in action is the bridging feature within Coinbase Wallet, powered by Socket. This feature allows users to seamlessly bridge from Ethereum to Base and other L2s natively within the wallet on mobile & web.
We are also helping developers and apps expand to Base, Coinbase’s newly launched L2, with a seamless onboarding experience. Rainbow Wallet, Layer3, Bungee, Zapper & more apps leverage Socket to get their users onboarded to Base already.
We are also extremely excited to have Framework Ventures double down on their investment and continue to work with us as we scale. Having led our seed round last year, the Framework team has been extremely hands-on in helping us get here.
Journey So Far
We launched Socket in November 2021 and since then have facilitated over 2.5 million cross-chain transactions with $3.5 billion in volume over 15 chains. It’s been an unbelievable ride: 11 months to hit the first million transactions; 5 months for the next million & then only 3 months for the next!
We’re proud of the Socket ecosystem of apps that are pushing the boundaries & building the most amazing cross-chain experiences. A few highlights include Metamask, Coinbase Wallet, Rainbow Wallet, Zapper, Zerion, Instadapp, GMX, Synthetix & Premia.
Looking Ahead
Socket’s mission has always been to bring protocols unified access to liquidity and users across chains. As we head to a multi-L2 future, interoperability has become an integral part of protocols, and Socket aims to provide developers with the easiest way to build unified dApps.
In the next few months, we’re going to be bringing even more powerful cross-chain primitives that unlock completely new use cases.
Join us as we change the way protocols are built & how users interact with them in the cross-chain world!