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> Since coinbase isn’t FDIC insured, The Fortune article in the HN link is writing only about the crypto assets, which lack FDIC insurance. Cash assets are FD
by jpmattia 4y ago
> Since coinbase isn’t FDIC insured,
The Fortune article in the HN link is writing only about the crypto assets, which lack FDIC insurance. Cash assets are FDIC insured.
From Coinbase: "To the extent U.S. customer funds are held as cash, they are maintained in pooled custodial accounts at one or more banks insured by the FDIC."
https://help.coinbase.com/en/coinbase/other-topics/legal-policies/how-is-coinbase-insured https://help.coinbase.com/en/coinbase/other-topics/legal-pol...
- thr0wawayf00 4y agoyeah but why on earth would you store cash in Coinbase? Are you even getting a savings account interest rate on that?
- HWR_14 4y ago> "To the extent U.S. customer funds are held as cash, they are maintained in pooled custodial accounts at one or more banks insured by the FDIC." Doesn't that mean Coinbase is insulated from the banks going bust? I don't know why a "pooled custodial account" would help the Coinbase user. It's still Coinbase's money held for them (just like the BTC). But maybe it does. I'm slightly ignorant here.