Coinbase to write off investment that its ventures arm made in FTX: Source
A representation of the cryptocurrency is seen in front of Coinbase logo in this illustration taken, Mar 4, 2022. (Photo: Reuters/Dado Ruvic)
Coinbase Global will write off the investment its ventures arm made in cryptocurrency exchange FTX in 2021, according to a person familiar with the matter.
Coinbase had said in a blog post Tuesday that the company has US$15 million in deposits on FTX that were used to facilitate business operations and client trades, but that its total exposure is minimal.
According to a source, Coinbase plans to participate in the FTX bankruptcy proceedings to seek a claim on those deposits. FTX filed for bankruptcy in the US on Friday.
Source: Reuters/zl
