(Coinbase) Coinbase has said it will allocate 10% of its quarterly net income into cryptocurrencies in a move aiming to encourage their adoption.
The new policy by Coinbase will see the crypto exchange dedicate as much as $500 million of cash and cash equivalents for investments.
The crypto exchange will deploy the investments over several years through dollar-cost averaging, saying it is highly optimistic of crypto adoption in the future.
The exchange expects to raise its crypto allocation as the industry grows.
Coinbase’s move means it will become the first publicly traded entity to hold ether, DeFi tokens, Proof of Stake assets, and other crypto assets, apart from Bitcoin.
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