Coinbase, a cryptocurrency exchange, sent this message to assure its users that it would not be another FTX. It titled it “A more transparent and secure crypto exchange”.
With the recent liquidity issues in the crypto markets this week, we want to reiterate how Coinbase’s business is different and ultimately better protects your account & digital assets.
For the last 10 years, we have built Coinbase in a way that allows us to be transparent about our track record and balance sheet strength, and effectively and prudently manage risk for our 108+ million customers and ourselves.
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See below for more information about how we keep your funds safe:
Healthy Financials: Our public, audited financials confirm our financial strength and ample liquidity — we largely hold our assets in USD. We ended Q3 with $5.6 billion in total available USD resources, including $5 billion in cash and cash equivalents.
We hold your Assets 1:1: Coinbase holds customer assets 1:1, and we won’t lend those assets without your consent. This means funds are available to our customers at any time.
Transparent: We are the largest publicly traded crypto exchange in the world, and we’ve been around for a long time, serving customers for over 10 years. Our financial statements are public and released quarterly.
U.S. Based: Coinbase is based and incorporated in the U.S. We are seeking to work within the U.S. system, because we believe that transparency and trust are essential.
Your Funds, Your Choice: Coinbase doesn’t use, or lend, your assets without your permission. Also, we offer one of the most secure and multifaceted risk management programs designed to protect our customers’ assets. This blog post details our prudent approach to risk management and how we keep our customers safe.
Industry-Leading Security: The technology that powers our platform was developed with industry-leading security and encryption at its core. Our security team is constantly working to make sure you and your assets are protected from emerging threats. Learn more.
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