After raising its stakes in cryptocurrency exchange Coinbase, its shares are up almost 4% on Friday. Brian Armstrong, the company’s CEO, revealed that the board has given its approval to acquire more than 500 million cryptocurrencies. Coinbase’s stock is up 8% in August so far, on the back of solid quarterly results. The stock closed trading at $257.32 in yesterday’s session, marking a 3.66% rise compared to the previous one. The stock jumps by 3.10% in the pre-market session.
In addition, Armstrong noted that Coinbase plans to increase its allocation to cryptocurrencies as the industry matures. The company currently uses fiat money and crypto in its operations. Coinbase has announced that it will start buying cryptocurrency from its users. The announcement stated that the exchange will match their users’ crypto balances.
As the first publicly traded company to own Ethereum and other crypto assets, we will be able to offer our platform’s users a wider variety of trading options. Galaxy Digital, which operates under the Galaxy Digital brand, has launched in Canada.
Biotech, Tech, and Crypto reporter
Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.
