Brian Armstrong, co-founder and CEO of Coinbase, the largest cryptocurrency exchange in the US, said on Thursday that the company's board of directors had approved the addition of a $500m cryptocurrency to its balance sheet.
Armstrong said in a tweet that the company also plans to invest 10% of all profits in cryptocurrencies.
In a blog post late Thursday, Coinbase Chief Financial Officer Alicia Haas (Alesia Haas) further explained Armstrong's tweet.
"We believe that in the encryption economy, future economic transactions-- purchases, sales, expenses, profits-- will be based on encrypted assets," she said. "
"this means that we will be the first listed company to hold Ethernet Fong, equity proof assets, [decentralized finance] tokens and many other encrypted assets in addition to Bitcoin to support trading on our platform. and add to our balance sheet."
As of the end of last year, Coinbase had $48.9 million worth of stable coins on its balance sheet, $130.1 million of bitcoin, $23.8 million of Ethernet Square and $34 million of other encrypted assets, according to public documents.