According to Coinbase’s announcement, the company would purchase $500 million in cryptocurrencies and invest 10% of all future profits in cryptocurrencies.
Brian Armstrong, the CEO, made the announcement via his own Twitter account.
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
Coinbase is one of the most popular cryptocurrency exchanges, and the company enjoys a high level of brand recognition in the business world. The corporation is putting everything it has into the technology it offers, including a significant one-time investment as well as a significant recurrent investment.
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