Coinbase has purchased a huge amount of cryptocurrency worth $500 million even after a fall seen in the market. The market is struggling hard these days, but Coinbase is looking to make a profit. The company is looking to expand more.
Coinbase has invested hugely in the market
After a strong fourth quarter by the company, Coinbase was looking to make the year big, but with a huge depression seen in the market, things weren’t looking that easy. But as a shock, the company has invested a huge amount in buying cryptocurrency. The company recently said that the cryptocurrency prices have come down by 20%, and there have been talks regarding our investments. They said that it’s entirely absurd to correlate the market’s downfall with our investments.
The company is looking to expand its business and create new assets.
However, one can be confirmed that business investment is more than just an expansion of the asset. Coinbase is targeting big numbers on digital currencies. According to the company, they are looking for more than just crypto. They want Coinbase to grow in different areas.
It seems Coinbase is trying to improve
Coinbase is trying to improve digital assets, but such an investment seems to be a big risk. They are targeting a specific zone in the market that doesn’t give a lot of hope.
According to their data, one-in-four U.S. households is currently on Coinbase, and with better options, people might get bigger opportunities. The overall transaction revenue increased more than $6.8 billion, in which $2.3 billion was seen in the fourth quarter.
Leaving all the numbers aside, the huge investment might not be a good move overall.