Framework Ventures Deposits $5.85 Million Worth of SNX on Coinbase

IconCrypto News Terminal26 Apr, 2024

cryptonews.jpg

Framework Ventures Deposits $5.85 Million Worth of SNX on Coinbase

On-chain analytics firm SpotOnChain reported via Twitter that "A Framework Ventures presumed address deposited 2 million SNX ($5.85 million) to Coinbase 7 hours ago at an average price of $2.92." This transaction is a sign of confidence in the long-term value of SNX, which is the native token of the Synthetix ecosystem. SNX is used to collateralize synthetic assets on Synthetix, which allows traders to gain exposure to a variety of assets without having to hold the underlying asset. Framework Ventures is a venture capital firm that invests in early-stage technology companies. The firm has a strong track record of investing in successful companies, including Coinbase, Stripe, and Airbnb. Previously on April 25, 2024, Framework Ventures deposited 2 million SNX ($5.85 million) to Coinbase at an average price of $2.92.

Related News