This points towards not you key not your coin, especially in the time of crypto bear market, it is better to have your coin on a noncustodial wallet which you have control over.
You don't understand.
Coinbase still owns the coins. The company lost $1.1B in revenues, not $1.1B of coins, it's a difference.
Coinbase holds coin on behalf of their customers, but they also own a lot of coin on their own account. About half of the loss was actually an accounting entry that caused Coinbase to report the lowered value of its coin that it owns when compared to its previous quarter.
With their tie-in with blackrock and some other things that they have said about 'large investors' and 'institutional investors' I wonder if they are going to slowly transition away from the small retail market (read people like us) and move to the bigger players and let them handle the front end so to speak. They would let E*Trade deal with me for my buying and selling of investment crypto and they just handle the back end. No real idea, just speculation but I have seen a lot of similar speculation.
I think it would probably be more likely for a newer exchange to outsource the retail servicing to the likes of eTrade.
