Coinbase’s Alesia Haas says the exchange is advancing its plans to invest heavily in altcoin projects. According to statements from the exchange’s CFO, Coinbase has made 180 million in crypto as part of this year’s profit-reinvestment strategy. Ethereum and various DeFi and PoS cryptocurrencies will reportedly be added to the company portfolio.
Coinbase wants to switch to 100% cryptocurrencies
Alesia Haas details Coinbase’s 100% crypto target:
In the big picture, our goal is to become crypto, if not 100%, over time. We made two commitments. The first was to invest $500 million in cash and our cash equivalents in crypto. Second, we dedicate 10% of quarterly net income to crypto investments. Measured on cost, we have invested over $180 million to date.
Company portfolio diversifies with altcoin projects
cryptocoin.com Alesia Haas, to whom we have explained as, says that the fair value of Coinbase’s total crypto investments is $540 million, and its wallets include Bitcoin (BTC), Ethereum (ETH) and other cryptocurrencies.
The CFO’s remarks came after Coinbase president Brian Armstrong said in August that the company plans to build a “diverse portfolio” of cryptocurrencies as part of a long-term strategy. Besides, Alesia Haas indicates that the company portfolio will be diversified:
We will be the first public company to hold Ethereum, Proof-of-Stake altcoin projects, DeFi tokens and many other cryptocurrencies supported for trading on our platform in addition to Bitcoin on our balance sheet. We are long-term investors and will only dispose of under certain conditions, such as when a crypto is removed from our platform.
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