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Ripple Partner SoftBank and Coinbase Bet $26 Million on Crypto Company Launched by Ex-Microsoft Exec

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Wed, 12/05/2021 - 9:51
Ripple Partner SoftBank and Coinbase Bet $26 Million on Crypto Company Launched by Ex-Microsoft Exec
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According to Bloomberg, Coinbase crypto exchange and SoftBank Group Corp, a major Ripple partner in Japan, have led a funding round for Brazilian asset management company Hashdex Gestora de Recursos, which is currently focusing on cryptocurrencies.

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SoftBank and Coinbase invest in a crypto startup

Apart from SoftBank and Coinbase Ventures, the list of investors includes Valor Capital Group, Globo Ventures, Canary and other companies.

Hashdex emerged back in 2018, founded by former Microsoft executive Marcelo Sampaio and Bruno Caratori.

Earlier in 2021, the company rolled out Hashdex Nasdaq Crypto Index Fundo de Indice; it was their first crypto ETF in Brazil.

They now plan to set up more new offices beyond Brazil and to expand their staff from 25 to 100 people at the moment.

Earlier this year, Coinbase went public via a direct listing on the Nasdaq exchange.

Related

SoftBank reports a record quarterly profit of $17.7 billion

In another piece, Bloomberg writes that SoftBank has reported a record profit for a Japanese company for one quarter. It came from unexpectedly high revenues from its investment business, provided by the company's Vision Fund investment branch.

The net income of $17.7 billion reported by the company is the highest quarterly profit since 1990.

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