Coinbase has received board approval to allocate more than $500 million in various cryptocurrencies, announced the CEO.
Coinbase to Put More Crypto on Balance Sheet
Brian Armstrong, the chief operating officer of Coinbase, took it to Twitter to indicate that the company has received board approval to purchase over $500 million of cryptocurrencies. Thus, the exchange will expand its existing holdings, but he didn’t reveal what digital assets Coinbase currently holds or plans to buy.
Additionally, the largest US-based trading platform will invest 10% of all profits from now on in cryptocurrencies. Armstrong expects this percentage to “keep growing over time as the crypto-economy matures.”
The 10% allocation coming from profits could be quite significant in USD terms, at least according to recent history. The company reported in Q2 2021 record-breaking results, far surpassing the numbers from Q1, with $1.6 billion in net profit. This was a 4,900% surge from the same period in 2020.
Source Cryptopotato