Coinbase Ventures backs Multipli as leading RWA credit protocol on Base

Coinbase Ventures has invested in Multipli through the Base Ecosystem Fund, backing the protocol’s push to build credit and yield infrastructure for tokenized real-world assets. Terms of the investment were not disclosed, but the deal follows Multipli’s prior $20M round led by Pantera Capital with participation from Spartan Group and Sequoia.

Multipli currently manages approximately $300 million in assets according to RWA.xyz, positioning it as the largest real-world asset protocol on Base by assets managed. The protocol focuses on enabling users and institutions to borrow more efficiently against tokenized collateral including gold, stocks, treasuries and other high-quality real-world assets.

The investment aligns with Coinbase’s broader strategy around tokenized stocks and traditional financial assets moving onchain. Coinbase has publicly framed tokenized equities as a key step toward onchain ownership, transfer and settlement, while CEO Brian Armstrong has described real-world asset tokenization as a major remaining upgrade for the financial system across “real estate, stocks, bonds, funds, etc. onchain for instant settlement, fractional ownership & massive distribution.”

Multipli is positioning itself as the credit and yield plumbing for this shift, aiming to make tokenized assets more productive inside DeFi and onchain credit markets. “Traditional finance carries a lot of structural overhead,” said Bhavesh Praveen, CTO at Multipli. “Banks, brokers and credit intermediaries need large teams, physical infrastructure, manual processes and multiple layers of coordination to move capital. Blockchains change that cost structure. With smart contracts, code becomes the settlement layer, the rules are transparent and capital can move with far less friction. That is what makes onchain credit so powerful.”

By lowering the cost of borrowing against investment-grade collateral, Multipli seeks to route tokenized assets into DeFi liquidity and real-world credit flows instead of leaving them idle. The Coinbase Ventures check signals continued institutional interest in RWA credit infrastructure on Base, and puts additional spotlight on protocols competing to intermediate tokenized stocks, treasuries and other offchain assets onchain.