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Coinbase (NYSE: COIN) said that it had no financing or counterparty exposure to beleaguered firms Celsius Network, Three Arrows Capital, and Voyager Digital. It said that
“We have not engaged in these types of risky lending practices and instead have focused on building our financing business with prudence and deliberate focus on the client,” wrote Coinbase Institutional head Brett Tejpaul, Prime finance head Matt Boyd and Credit and Market Risk head Caroline Tarick, in a blog post.
Coinbase said it did, however, make a “non-material” investment in Terraform Labs, the Singapore-based company behind failed stablecoin project Terra, through its venture capital arm.
In May, the crypto industry was hit with the $40 billion collapse of Terraform Labs algorithmic stablecoin terraUSD (UST) and its sister coin LUNA.
Coinbase shares climbed more than 14% Wednesday. The publicly traded crypto exchange has been significantly hurt by the sharp decline in crypto prices, with shares plunging nearly 74% year to date.
Source - Coinbase
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