(Reuters) - Coinbase Global Inc will write off the investment its ventures arm made in cryptocurrency exchange FTX in 2021, according to a person familiar with the matter.

Coinbase had said in a blog post Tuesday that the company has $15 million in deposits on FTX that were used to facilitate business operations and client trades, but that its total exposure is minimal.

According to a source, Coinbase plans to participate in the FTX bankruptcy proceedings to seek a claim on those deposits.