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

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.

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Analysis:FTX debacle sparks investor rethink of battered crypto marketNEW YORK/LONDON : With major cryptocurrency exchange FTX on the brink of collapse, some investors are beginning to question the viability of a sector already bruised by the bitcoin bubble bursting and closures of key market players.Crypto markets have come under intense pressure this year, as rising inter
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