Leading crypto firm Coinbase has announced the setting up of “Coinbase Ventures” in its efforts to create an open financial system for the world.

The new initiative is aimed at providing financing to “promising early stage companies that have the teams and ideas that can move the space forward in a positive, meaningful way,” Coinbase said in a blog post.

Emilie Choi, Head of Corp & Biz Dev and Biz Ops at Coinbase, said that initially Coinbase Ventures will seek to help most compelling companies in the cryptocurrency space to flourish.

“This means that we don’t have the strategic requirement of formalizing partner relationships with such companies, as some corporate venture programs do. Our focus is on building strong relationships and helping to spur on the development of the ecosystem,” Choi added.

“You may also see us invest in companies that ostensibly look competitive with Coinbase.. Or, in some cases, we may be comfortable investing in companies that are potentially competitive, because it’s in everyone’s interest to see the ecosystem innovate.

Last month, Coinbase announced Coinbase Index Fund, which will give investors exposure to all digital assets listed on GDAX exchange, weighted by market capitalization.