Coinbase authorized to buy back half a billion dollars in cryptocurrency: the announcement that shakes – Journal du Coin

Coinbase, the insatiable ogre – Coinbase reveals that he will be able to buy more than half a billion dollars of cryptocurrency to enrich and diversify his portfolio. And the exchange apparently does not take this route in order to increase its short-term profits through cryptocurrency trading.

The green light is granted

The CEO of Coinbase, Brian armstrong, announced, in a tweet on August 19, 2021, that the exchange’s board of directors allowed the company to invest more than $ 500 million in cryptocurrencies from its cash and cash equivalents.

The consecutive record quarterly profits, passing $ 800 million in the first trimester at $ 1.6 billion in the second, weighed in the balance and can partly explain this green light from the board of directors which sees the interest for Coinbase to dive even more into cryptocurrencies.

10% of quarterly net income of Coinbase will be paid into a diverse portfolio of cryptocurrencies.

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HODLer, non-trader: for a rich and diversified crypto portfolio

Coinbase’s CFO (CFO), Alesia haas, detailed, in a blog post of August 20, the company’s investment plan, highlighting the level of diversification relatively raised of the exchange’s crypto wallet:

“This means that we will become the first publicly traded company to hold on its balance sheet, in addition to bitcoin, ether, assets proof of stake, DeFi tokens and many other crypto-assets supported for trading on our platform. “

The exchange plans toincrease his allowance for cryptocurrencies and to diversify even more sound wallet over time, as the “Crypto-economy is coming of age”. Transactions will be made via the OTC desk or the over-the-counter market of the exchange or outside it “In order to avoid any conflict of interest” with customers.

Finally, Coinbase intends toHODLer its cryptocurrencies, not to speculate in order to profit from it in the short term. The exchange will only part with it for specific reasons, such as removing a cryptocurrency from the platform. According to Haas, investments “Will be deployed continuously over a period of several years using an average purchase strategy”.

These $ 500 million and more invested over the long term in cryptocurrencies will certainly contribute to the realization of the Coinbase’s vision to become the Amazon of cryptocurrencies.

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