Codebase Ventures Inc told investors it has launched an investment portfolio, accumulating key investments in the decentralised finance (DeFi) ecosystem as a result of extensive research and planning with company advisors in alignment with its blockchain DeFi investment thesis.
The technology investment firm said the rapid development in blockchain technology within the financial sector and the emergence of DeFi has allowed millions of previously unbanked and underserviced populations to take part in the new decentralized financial system.
“Similarly to how the internet drastically changed the way humans interacted and did business with one another in the late '90s, Codebase believes DeFi and blockchain technology will do the same for finance in the near future,” the firm said in a statement.
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In response to its thesis, Codebase said it has begun accumulating key investments in some of the largest DeFi protocols in the ecosystem. With these investments, not only will it have the ability to profit, but it said it will also have the ability to participate in the governance decisions within these protocols, shaping the future of decentralized finance as it matures.
“As public companies such as Facebook pivot towards focusing on developing the metaverse, Codebase's technology advisors have identified and initiated key investments of strategic assets within the metaverse,” the firm said.
“Code's investments will be guided by the ability to secure exclusive rights to assets within the metaverse, all with the ability to build, explore, and create new partnerships and opportunities within the space,” it added.
Separately, Codebase said it has completed a first closing of a non-brokered private placement of up to $2 million after accepting subscriptions for 13,199,999 units at a price of $0.07 each, for gross proceeds of $923,999.50.
It said each unit consists of one common share and one common share purchase warrant, entitling the holder to purchase one additional common share at $0.09 for two years from the date of closing, subject to the option of the company to accelerate the expiry date in the event that its shares trade at $0.15 or more for 10 consecutive days.
Codebase paid $31,200 in cash and issued 445,714 warrants on the same terms to a qualified finder. Proceeds will be used for working capital and to fund future investments, the company added.
Codebase Ventures seeks early-stage investments in emerging technology sectors, including the blockchain ecosystem and fintech. The company identifies such opportunities and applies its relationships and capital to advance its interests.
Contact the author at stephen.gunnion@proactiveinvestors.com