I must admit I was surprised to find that Coinbase doesn't create a chain address under which the coins/tokens you buy with fiat are held, then treat the key fo

I must admit I was surprised to find that Coinbase doesn't create a chain address under which the coins/tokens you buy with fiat are held, then treat the key for that address as an asset held in custody for you. The fact that they don't do that, when it would be practical for them to do so is a red flag for me.