In response to the Wall Street Journal

Tl:dr Earlier today, the Wall Street Journal published an article highlighting client-driven activities, which they seem to confuse with proprietary trading.

Unlike many of our competitors, Coinbase does not operate a proprietary trading business or act as a market maker. In fact, one of the competitive strengths of our Institutional Prime platform is our agency only trading model, where we act only on behalf of our clients. As a result, our incentives and our clients’ incentives are aligned by design.

Coinbase does, from time to time, purchase cryptocurrency as principal, including for our corporate treasury and operational purposes*. We do not view this as proprietary trading because its purpose is not for Coinbase to benefit from short-term increases in value of the cryptocurrency being traded.

Expanding institutional participation in web3 beyond HODLing

As more institutions have become interested in investing in cr ..

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