American cryptocurrency exchange platform Coinbase announced that it has committed to invest US0 million of its cash and cash equivalents into a diverse portfolio of crypto assets. Coinbase added that going forward, it will also allocate 10% of quarterly net income into this same portfolio. According to a statement by the firm, this move will make it the first publicly traded company to hold Ethereum, Proof of Stake assets, DeFi tokens, and many other crypto assets supported for trading on its platform, in addition to Bitcoin, on its balance sheet. Coinbase’s crypto asset investment allocation will be driven by its aggregate custodial crypto balances which means that its customers will drive its investment strategy. The firm added that it may increase our
Topics:
Fintechnews Switzerland considers the following as important: 6c.) Fintechnews, Blockchain/Bitcoin, Coinbase, Featured, newsletter, USA
This could be interesting, too:
Marc Chandler writes Sterling and Gilts Pressed Lower by Firmer CPI
Ryan McMaken writes A Free-Market Guide to Trump’s Immigration Crackdown
Wanjiru Njoya writes Post-Election Prospects for Ending DEI
Swiss Customs writes Octobre 2024 : la chimie-pharma détermine le record à l’export
American cryptocurrency exchange platform Coinbase announced that it has committed to invest US$500 million of its cash and cash equivalents into a diverse portfolio of crypto assets.
Coinbase added that going forward, it will also allocate 10% of quarterly net income into this same portfolio.
According to a statement by the firm, this move will make it the first publicly traded company to hold Ethereum, Proof of Stake assets, DeFi tokens, and many other crypto assets supported for trading on its platform, in addition to Bitcoin, on its balance sheet.
Coinbase’s crypto asset investment allocation will be driven by its aggregate custodial crypto balances which means that its customers will drive its investment strategy. The firm added that it may increase our allocation over time as the crypto economy matures.
Its investments will be continually deployed over a multi-year window using a dollar cost averaging strategy.
The company recently made waves as it announced that it will be scrapping the launch of its crypto lending programme “Coinbase Lend” when the U.S. Securities and Exchange Commission (SEC) gave it a Wells notice with intentions to sue it.
Paul Grewal, Chief Legal Officer at Coinbase claimed that while it had been transparent in its dealings with the SEC, the regulator did not give it probable cause for the notice.
It has instead chosen to postpone the launch of Lend to October and “continues to welcome additional regulatory clarity”.
Coinbase said in a blog post,
“We are long term investors and will only divest under select circumstances, such as an asset delisting from our platform. All trades will be executed via our over the counter desk or away from our exchange to avoid any conflict of interest with our customers.
We believe that in the future, more and more companies will hold crypto assets on their balance sheet. We hope by incorporating more crypto assets into our own corporate financial practices, we can take another step towards building a more open crypto economy.”
You Might Also Like
SNB Sight Deposits: Inflation Fear Decreasing, SNB Selling Euros
2021-09-20
Sight Deposits have fallen: The change is -0.2 bn. compared to last week, this means the SNB is selling euros and dollars.
MoneyLion to Offer Crypto Investment Ahead of SPAC Merger
2021-09-16
US-based neobank MoneyLion announced the launch of its new cryptocurrency capabilities, enabling customers to buy and sell digital currencies within its app. MoneyLion said that eligible customers will initially be able to buy and sell Bitcoin and Ethereum, as well as round-up their debit card purchases in Bitcoin.
Blockchain-Based Invoice Factoring Firm Hiveterminal Expands to DACH Region
2021-09-15
Blockchain-based invoice factoring platform Hiveterminal announced that it has expanded to the DACH region as part of its Europe growth plans. Hiveterminal aims to start cultivating relationships with Swiss-based small and medium-sized enterprises (SMEs) who need fast and continuous access to liquidity without going through the hassle of applying for bank financing.
Nassim Taleb Now Calls Bitcoin Worthless, Too Volatile to be a Useful Currency or Store of Value
2021-07-23
Not only does bitcoin fail to satisfy the notion of being a currency without a government, but the cryptocurrency is also not a reliable inflation hedge nor a safe haven investment, Nassim Nicholas Taleb, a probability researcher and former quantitative trader, says in a recent paper.
Facebook Pay To Be Available to Online Retailers Starting With Shopify
2021-07-21
With digital payments picking up pace across the globe, social media giant Facebook is extending its payment services to online retailers. Shopify has become the first e-commerce platform to sign up for Facebook Pay. This will allow Shopify merchants to offer Facebook Pay as a payment option during checkout, eliminating the need to re-enter payment information for every transaction.
Visa Customers Spent More Than US$1 Billion on Crypto-Linked Cards in 2021
2021-07-09
Visa revealed that its customers had spent more than US$1 billion on its crypto-linked cards in the first half of 2021. The payments giant reported that it had partnered with 50 leading crypto platforms on card programmes that make it easy to convert and spend digital currency at 70 million merchants worldwide.
Swissquote Adds 9 Additional Cryptocurrencies for Retail Trading
2021-04-22
Swiss banking group Swissquote announced that it is expanding its cryptocurrency offering with nine additional ones.
Delta Exchange Closes US$5 Million Raise From Blockchain Valley Ventures Among Others
2021-04-09
Delta Exchange, a UK-based institutional-grade crypto derivatives exchange, announced that it has closed a US$ 5 million token raise from existing and new investors where Swiss venture firm Blockchain Valley Ventures (BVV) backed and advised the former on their token raise.
Tags: Blockchain/Bitcoin,Coinbase,Featured,newsletter,USA