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Coinbase CEO Brian Armstrong said the cryptocurrency exchange will buy digital assets worth more than half a billion dollars to add to its existing holdings.
Armstrong said that Coinbase will allocate 10% of its quarterly profits to buying crypto assets in the future.
“We recently received approval from the board of directors to purchase over $ 500 [million] of crypto on our balance sheet to be added to our existing holdings. And we will invest 10% of all profits in the future in crypto. I expect this percentage to continue to increase over time as the crypto economy matures.
In a new blog post, Coinbase says the list of cryptocurrencies it will add to its balance sheet includes Bitcoin and Ethereum as well as other digital assets supported by the exchange.
“This means that we will become the first publicly traded company to hold Ethereum assets, Proof of Stake, DeFi tokens and many other crypto assets supported for trading on our platform, in addition to Bitcoin, on our balance sheet.”
The popular crypto exchange also states that it will be a long-term holder and will only sell its crypto assets under special circumstances.
“We are long-term investors and will only sell in certain circumstances, such as delisting an asset from our platform.”
Coinbase says it will buy crypto assets away from the exchange to avoid conflict of interest issues with users.
“All transactions will be executed through our over-the-counter counter or off our exchange to avoid any conflict of interest with our clients.”
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