The Intel Corporation has been taking an interest in cryptocurrencies and blockchain technology for a long time. However, only recently, the company has decided to invest in a cryptocurrency-based enterprise. According to the report published by financial media outlet Barrons, Intel has purchased Coinbase stocks in large quantities.
Barrons also referenced SEC filing that confirms the purchase. It seems that Intel Corporation recently acquired 3,104 Class A stocks from Coinbase Global Inc. that are valued at $800,000. The Form 13 filing is submitted to SEC as Intel’s public trading holdings exceed $100 million. When this amount is crossed, it becomes a legal liability for the organization to disclose its stock details to SEC. Other noteworthy stocks that Intel holds are McAffee Corp., Shift4 Payments Inc., and Maxlinear Inc.
Intel Corporation Filed for Crypto Mining Patent in 2019
It is nothing new for Intel Corporation to take an interest in blockchain projects. In 2019, the company also filed for a patent on crypto mining with the Patent and Trademark Office of the USA. The patent called system on a chip (SOC) details the use of Intel technology to enhance the power utilization of machines for Bitcoin miners.
The company is currently in possession of the patent. A blog post on the company’s official website also unveils the underlying technology for supporting Bitcoin blockchain. Intel experts discuss in the said blog post that how blockchain is implementable for various business models to improve their financial processes and speed of transactions.
Since filing for a public listing, Coinbase has been doing fairly well. The cryptocurrency exchange based in the United States has made a major comeback after its debut on NASDAQ. As indicated by the Q1, 2021 report published by Coinbase, the company shows that its transaction volume has become as high as $462 billion. This number is higher than the expectation of many stakeholders.
The revenue report of Coinbase indicates that the demand for Bitcoin and Ethereum has been increasing. The company representatives claimed that BTC and ETH make up for 50% of the total transactions volume on Coinbase. All the other cryptocurrencies account for the reminder. Any singular cryptocurrency other than BTC and ETH is not bigger than 10% presently.