Coinbase to Invest $500 Million in Bitcoin And Speculative Altcoins

Coinbase announced Thursday it has updated its investment policy to include a 10% quarterly income allocation in Bitcoin and other cryptocurrency and also committed to investing $500 million of its $4 billion in reserves into crypto.

A statement from Coinbase reads, “We’re in a strong position to lead by example and double down on how we can enable crypto adoption and utility, starting with how we operate our business.”

The news comes just two days after it was widely reported that the largest U.S. crypto exchange was holding a $4 billion hoard of depreciating cash in reserve, one that didn’t include any Bitcoin or the dozens of highly speculative altcoins it puts up for exchange on its platform.

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