Coinbase Issues Response to Wall Street Journal

Coinbase issued a response to the Wall Street Journal, saying: "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. As more institutions have become interested in investing in crypto, we are rolling out new solutions to help. One way we intend to serve our institutional clients is through a small newly formed team called Coinbase Risk Solutions (CRS)."