South Korean pension fund invests in Coinbase, shares soar

South Korea’s National Pension Fund, the third-largest in the world by asset size, has invested in the U.S.-based cryptocurrency exchange, Coinbase.

According to official U.S. sources, the pension fund acquired a total of 282,673 shares in Coinbase during the third quarter of the year.

The shares, purchased by the National Pension Service, which manages over $750 billion in assets, were valued at $19.9 million.

South Korean sources emphasize that the pension fund shows a greater interest in indirect products, such as stock market shares, rather than direct investments in cryptocurrencies.

COIN on the climb

Positive from the U.S. Inflation data and Coinbase shares, which are traded on the Nasdaq stock exchange, rose after the news of the investment of the third-largest pension fund.

Stocks with the ticker COIN, which closed the last session at $98.15, gained 6.58 percent in a day.