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The largest cryptocurrency exchange in America, Coinbase, plans on expanding its crypto holdings on its balance sheet with $500 million according to a recent announcement by the firm’s CEO, Brian Armstrong.
Although he did not mention the cryptocurrency Coinbase currently holds our plans to acquire, he noted that 10% of all profits would go into crypto acquisition henceforth. Armstrong explained that he expects this allocation to “keep growing over time as the crypto-economy matures.”
The current 10% allocation should hold significant weight in USD terms, considering the historical profits reports from Coinbase. In Q2 2021, the company reported a record-breaking $1.6 billion in net profit. This record-breaking figure was a 4,900% surge from its Q2 earnings report in 2020.
That said, a 10% investment into the crypto space would fall somewhere around $160 million per quarter.
The Coinbase boss also noted that he has high hopes that in the future, the exchange should have the capacity to “operate more of our business in crypto,” as today it’s “still a mix.”
Coinbase Expands Into Japan
Meanwhile, the company announced some expansion plans into Asia a day before Armstrong’s tweet. The official statement noted that the exchange, which boasts about 70 million active users and operations in over 100 countries, has expanded to Japan. The firm described Japan as “one of the first countries to embrace crypto and one of the largest markets by crypto trading volumes in the world.”
To achieve this feat, the crypto exchange partnered with a recognized local bank, Mitsubishi UFJ Financial Group (MUFG). That said, Japanese users can access the trading platform via the MUFG Quick Deposit Platform.
The company noted that it would release retail products first, including the five most traded cryptos, and subsequently add more products.
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