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Coinbase to write off investment that its ventures arm made in FTX- source

(Reuters) – Coinbase Global Inc will write off the investment its ventures arm made in cryptocurrency exchange FTX in 2021, according to a person familiar with the matter.

Illustration shows a representation of the cryptocurrency and Coinbase logo

(Reuters) – Coinbase Global Inc 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 $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 U.S. on Friday.

(Reporting by Hannah Lang in Washington)

By Reuters

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