Coinbase Will Buy $500 Million Worth of Cryptocurrencies

Coinbase will buy $500 million worth of cryptocurrencies. Bitcoin and Ether will also be included in this investment.

Cryptocurrency exchange Coinbase, which has recently come to the fore with its overseas investments, has decided to purchase cryptocurrencies worth over 500 million dollars. Brian Armstrong, CEO of the stock exchange listed on Nasdaq, made the announcement on his personal Twitter account. Armstrong noted: “We have received approval from our board of directors to add more than $500 million worth of cryptocurrencies to our current assets. We will also allocate 10% of the company profits entirely to crypto. I think this ratio will increase as the cryptocurrency industry matures further, and I hope that over time we will conduct most of our business in the cryptocurrency industry. I'd say it's still complicated." https://twitter.com/brian_armstrong/status/1428489591665856512 Coinbase chief financial officer Alesia Haas also wrote in a blog post, stating that her purchases will include some decentralized finance products along with Ethereum, saying: “In addition to Bitcoin, we will add Ethereum, proof-of-stake assets, DeFi tokens and many crypto assets supported by our exchange to our balance sheet, and we will be the first IPO to own these assets.” As it is known, companies such as MicroStrategy and Tesla also made their Bitcoin purchases through Coinbase. With the stock market going public in April and being listed on the Nasdaq stock market, the price of Bitcoin reached its historical peak and exceeded 64 thousand dollars.