If Coinbase goes bankrupt, what happens to my Coinbase wallet?
I have about $3,000 in Bitcoin, but I don’t think it is enough to spend $150 on a ledger. Right now, I use a Coinbase wallet, but I am worried because of what happened with FTX.
1 Like
Coinbase Wallet provides a higher level of safety from bankruptcy risks compared to custodial accounts, as it allows users to maintain control over their private keys and, consequently, their assets. The users funds and coins stored on the platform could be at risk incase Coinbase wallet goes bankrupt, and i do not think if it is safe from bankruptcy.
Coinbase is the world’s most trusted cryptocurrency exchange to securely buy, sell, trade, store, and stake crypto. Even though Coinbase’s bankruptcy risk is considered low, I recommend you to use a combination of hot and cold wallets for storing your cryptocurrency to mitigate risks.