You are correct. However, Coinbase does state that they simply store the funds: "Customer deposits are not sent anywhere. Unlike other financial institutions,

You are correct. However, Coinbase does state that they simply store the funds: "Customer deposits are not sent anywhere. Unlike other financial institutions, we do not lend out customer funds. 100% of your funds are securely stored." https://support.coinbase.com/customer/portal/articles/667213-does-coinbase-use-customer-deposits-for-anything- https://support.coinbase.com/customer/portal/articles/667213...