Trading company Coinbase said it will buy $500 million worth of cryptocurrency from its balance sheet funds, with 10% of its quarterly earnings going into a crypto-asset portfolio.
Alyssa Haas, the company’s chief financial officer, said the company plans to invest in Ethereum and other backed crypto assets for trading on the Coinbase platform, becoming the first publicly traded company to do so.
The company’s CEO, Brian Armstrong, first revealed the company’s plans in a tweet, in which he said he expects crypto allocations to increase as the market matures.
Referring to the company’s ambitions, to diversify its services related to crypto assets, which are mostly centered around trading.
The price of Bitcoin rose to $47,000 on Friday, after it was less than $45,000 in the previous two days, while Coinbase shares rose more than 3%. (agencies)
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