Coinbase Rejects Proprietary Trading and Crypto ‘Market Maker’ Allegations

From decrypt.co

Coinbase vociferously denies that it engages in proprietary trading—but asserts that some of its competitors do. A Wall Street Journal report published Thursday alleges that Coinbase hired traders to use the company’s own funds to make trades and stake crypto with the goal of making a profit. According to the report, $100 million of Coinbase funds was used in a test trade that an undisclosed number of unnamed Coinbase employees reportedly called “proprietary.” In response, Coinbase quickly wrote up a blog post denying the claims, arguing the report confused “client-driven activities” with prop trading. ... (full story)