On July 16th, Privy, a Web3 authentication tool, announced that it has received a strategic investment from Coinbase Ventures. It works closely with many of Coinbase's product teams, including the Base team, to support teams such as Blackbird, friend.tech, to bring crypto products to mainstream users. The new funds will be used to deepen the partnership and help developers build better products on the chain. That means helping developers build on Base, funding user accounts, setting up Coinbase smart wallets, leveraging Magic Spend, and more.