Coinbase To Invest 10% of All Future Profits In Crypto

According to a tweet from Coinbase CEO Brian Armstrong, the brokerage firm is planning to purchase more than $500 million worth of cryptocurrency on its balance sheet. It's also going to be investing 10% of all future profits in crypto. The Block reports: "I expect this percentage to keep growing over time as this crypto economy matures," Armstrong said. A blog penned by Coinbase's chief financial officer Alesia Haas indicated that the purchase would include Ethereum as well as other assets tied to the decentralized financial world. "We have committed to invest $500M of our cash and cash equivalents," Haas wrote. "We will become the first publicly traded company to hold Ethereum, Proof of Stake assets, DeFi tokens, and many other crypto assets supported for trading on our platform, in addition to Bitcoin, on our balance sheet," she added.

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