Also, the trading platform will invest 10% of profits in various digital assets other than bitcoin, such as Ethereum, DeFi tokens and altcoins on the Proof of Stake protocol.
Cryptocurrency exchange Coinbase will buy $ 500 million worth of cryptocurrency, and will also invest 10% of the profits in digital assets, said CEO Brian Armstrong.
Armstrong ,added that the percentage of investments in cryptocurrency will grow as the crypto economy develops.
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
“We will be the first public company to hold Ethereum, Proof of Stake assets, DeFi tokens and other altcoins available for trading on our platform in addition to Bitcoin,” reads the Coinbase official blog .
The distribution of a company’s investment in cryptocurrencies will be determined by its aggregate custodian cryptocurrency balances. As such, Coinbase’s investment strategy will depend on its customers.
The exchange has warned that it will only sell cryptoassets under certain circumstances, for example, due to their delisting from the trading platform.
All trades will be conducted through Coinbase OTC or off-site to avoid conflicts of interest with customers.
The cryptocurrency market has grown after the announcement of the crypto exchange.
The cost of bitcoin at the moment reached $ 47.4 thousand, it is $ 47.1 thousand, over the past day the asset has risen in price by 6%. The total capitalization of the crypto market again exceeded $ 2.1 trillion.