Publicly traded crypto exchange Coinbase will purchase over $500 million worth of cryptocurrencies as it looks to become a more crypto-centric company, CEO Brian Armstrong revealed in a tweet this morning.
“We recently received board approval to purchase over $500M of crypto on our balance sheet to add to our existing holdings. And we’ll be investing 10% of all profit going forward in crypto,” Armstrong said, adding:
“I expect this percentage to keep growing over time as the crypto economy matures.”
We recently received board approval to purchase over $500M of crypto on our balance sheet to add to our existing holdings. And we’ll be investing 10% of all profit going forward in crypto. I expect this percentage to keep growing over time as the cryptoeconomy matures.
— Brian Armstrong (@brian_armstrong) August 19, 2021
Crypto powerhouse Coinbase
Coinbase is the world’s third-largest crypto exchange by trading volume, as per data from analytics tool CoinGecko. It processed over $4.3 billion worth of trades just yesterday and remains a top choice for institutions and financial giants making inroads into the crypto market.
But despite the nature of its business, Coinbase has historically taken a regulatory-first approach to cryptocurrencies and stayed aloof from altcoins or putting cryptocurrencies on its balance sheet.
Such a sentiment is now, however, shifting. Cryptocurrencies are viewed a bit more favorably by the US government, and global banks are steadily increasing both allocations and investments in the crypto and blockchain sector.
Last year saw electric carmaker Tesla and business analytics firm MicroStrategy pour billions of dollars into Bitcoin, becoming the first major businesses to hold spot Bitcoin as part of their treasuries.
Similar moves were seen in Asia when Hong Kong-listed photosharing app Meitu put both Bitcoin and Ethereum on its balance sheet.
And Coinbase is now joining that league. It, as a recently public company, has a corporate board that approves decisions and sets future strategies, and a crypto allocation has come up as one of the first board moves.
It’s probably not the only crypto-centric move that Coinbase is making either if a follow-up tweet by Armstrong is anything to go by: “Over time we can operate more of our business in crypto – today it is still a mix.” Just bull market things if you ask.
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Publicly traded crypto change Coinbase will buy over $500 million price of cryptocurrencies because it appears to change into a extra crypto-centric firm, CEO Brian Armstrong revealed in a tweet this morning.
“We lately acquired board approval to buy over $500M of crypto on our steadiness sheet so as to add to our current holdings. And we’ll be investing 10% of all revenue going ahead in crypto,” Armstrong stated, including:
“I count on this share to continue to grow over time because the crypto financial system matures.”
We lately acquired board approval to buy over $500M of crypto on our steadiness sheet so as to add to our current holdings. And we’ll be investing 10% of all revenue going ahead in crypto. I count on this share to continue to grow over time because the cryptoeconomy matures.
— Brian Armstrong (@brian_armstrong) August 19, 2021
Crypto powerhouse Coinbase
Coinbase is the world’s third-largest crypto change by buying and selling quantity, as per knowledge from analytics instrument CoinGecko. It processed over $4.3 billion price of trades simply yesterday and stays a best choice for establishments and monetary giants making inroads into the crypto market.
However regardless of the character of its enterprise, Coinbase has traditionally taken a regulatory-first strategy to cryptocurrencies and stayed aloof from altcoins or placing cryptocurrencies on its steadiness sheet.
Such a sentiment is now, nevertheless, shifting. Cryptocurrencies are seen a bit extra favorably by the US authorities, and international banks are steadily growing each allocations and investments within the crypto and blockchain sector.
Final yr noticed electrical carmaker Tesla and enterprise analytics agency MicroStrategy pour billions of {dollars} into Bitcoin, turning into the primary main companies to carry spot Bitcoin as a part of their treasuries.
Comparable strikes had been seen in Asia when Hong Kong-listed photosharing app Meitu put each Bitcoin and Ethereum on its steadiness sheet.
And Coinbase is now becoming a member of that league. It, as a lately public firm, has a company board that approves choices and units future methods, and a crypto allocation has come up as one of many first board strikes.
It’s most likely not the one crypto-centric transfer that Coinbase is making both if a follow-up tweet by Armstrong is something to go by: “Over time we will function extra of our enterprise in crypto – as we speak it’s nonetheless a mixture.” Simply bull market issues should you ask.
Get an edge on the cryptoasset market
Entry extra crypto insights and context in each article as a paid member of CryptoSlate Edge.
On-chain evaluation
Worth snapshots
Extra context
Be part of now for $19/month Discover all advantages
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