Coinbase will buy cryptocurrencies at $500 million – Bits Media

As CEO of cryptocurrency exchange Coinbase Brian Armstrong told, the site received the approval of the board of directors for the purchase of cryptocurrencies in the amount of $500 million.

Unlike most other companies, Coinbase management plans to buy more than Bitcoin and ether, but also tokens of Defi projects, as well as cryptocurrencies, working on the basis of the Proof-OF-STAKE algorithm. Brian Armstrong (Brian Armstrong) wrote on Twitter:

“Recently, we received the approval of the board of directors for the purchase of cryptocurrencies in the amount $500 million. These assets will be added to existing cryptocurrencies on our wallets. Also in the future we will invest 10% from the profit in cryptocurrencies. Think, the percentage will increase with the development of the industry. Hope, In the future, we will be able to conduct most of the business in cryptocurrencies ".

The article on the company's blog emphasizes, that the strategy for buying long -term cryptocurrencies and there are no plans for the sale of assets. Coinbase plans to sell purchased cryptocurrencies only in certain circumstances, eg, With divisting coins from the site. At the same time, it is planned to carry out transactions for the purchase of assets on third -party sites or its own offsetting platform, In order not to create a conflict of interests.

Previously reported, that Coinbase has accumulated "inviolable stock" in the amount $4 billion. It will be used to solve possible problems on the exchange itself or in the cryptocurrency industry.