Coinbase Council Approves $ 500m Cryptocurrency Purchase Plan

Coinbase, the leading US-based cryptocurrency exchange, plans to buy more than $ 500 million worth of cryptocurrency assets on the balance sheet after receiving the board’s internal approval. News of the planned cryptocurrency purchase was posted and announced via Twitter earlier today by Coinbase CEO Brian Armstrong.

Recently, we received board approval to buy more than $ 500 million worth of crypto on our balance sheet to add to our existing assets. And we invest 10% of all profits in crypto. I expect that percentage to continue to increase over time as the crypto economy improves.

– Brian Armstrong (@brian_armstrong), August 19, 2021
“Hopefully over time we can attract more of our company to crypto – it’s still a mix today,” Armstrong added.In a blog post written by Coinbase’s CFO, the rooms are equipped with Haas to make a detailed statement, Coinbase also confirmed the decision to set a record for publicly traded companies such as MicroStrategy, and the model, in the sense of coinbase, is the first company to offer a variety of crypto assets on the balance sheet.monitor.

“This means that we are the first registered company to store Ethereum, betting-sanctioning assets, Defi tokens and many other crypto assets supported for trading on our platform on our balance sheet in October in addition to bitcoin,” Haas wrote. “As the crypto economy develops, we can increase our allocations over time. We believe that more companies will keep crypto assets on their balance sheets in the future. By incorporating more crypto assets into our own corporate financial practice, we hope that we can take another step towards creating a more open crypto economy,” Haas added.

According to the plan, 10% of the company’s profits will also be directed to further expand crypto owners. Previous deposits before Coinbase went public on Nasdaq in mid-April this year show that various cryptocurrencies held about $ 365 million at the time. Send this s-1 to the US security service

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