© Reuters. A representation of the cryptocurrency is seen in front of Coinbase logo in this illustration taken, March 4, 2022. REUTERS/Dado Ruvic/Illustration
(Reuters) – Coinbase (NASDAQ:) 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.
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