Crypto exchange Coinbase forms political action committee

Employees work at the Coinbase Inc. office in San Francisco, California.
Michael Short | Bloomberg | Getty Images
Employees work at the Coinbase Inc. office in San Francisco, California.

Coinbase has formed a political action committee (PAC) to raise money to spend on U.S. elections, the cryptocurrency exchange said 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.