(Reuters) – Coinbase has formed a political action committee (PAC) to raise money to spend on U.S. elections, the cryptocurrency exchange said here in a filing made public on Friday.

Coinbase’s newly established PAC had not yet raised money as of June 30.

In May, Coinbase said it would revamp its trading technology and create a new suite of services to attract more institutional investors, including hedge funds and high-frequency trading firms.

Reporting by Arjun Panchadar in Bengaluru; Editing by Leslie Adler

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