• Intel acquires a stake in Coinbase

  • Intel, the world’s largest semiconductor chip manufacturer, has revealed a stake in cryptocurrency exchange Coinbase.

    According to a quarterly report filed with the US Securities and Exchange Commission by the firm’s institutional investment managers, it paid $763,000 for 3,014 COIN shares.

    Given Intel’s market capitalization of $216 billion, the purchase may appear insignificant. Nonetheless, it is the tech titan’s first significant investment in the cryptocurrency space.

    In 2018, a widely used computer chip manufacturer was also granted a patent for a processor that enables energy-efficient Bitcoin mining.

    Prior to that, Intel collaborated with the software development platform PokitDok to leverage blockchain technology.

    In addition, the Santa Clara-based company collaborated with French hardware wallet maker Ledger in 2017 to develop a new solution for securely storing cryptocurrency.

    Coinbase shares are making a comeback.

    Coinbase’s stock soared to $294 on August 11, reaching its highest level since May 12.

    Despite a gloomy outlook from Wall Street, Coinbase outperformed analysts’ expectations with higher-than-expected transaction-based revenue.

    Ark Investment Management continued to increase its Coinbase holdings during the market downturn.

    It currently has $172 million in COIN shares in its ARK Fintech Innovation ETF.

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