How does FDIC insurance work on Coinbase Pro?

3 answers

• Mar 15, 2022 · 3 years ago
  Sure! FDIC insurance on Coinbase Pro provides protection for the cash balances held in eligible Coinbase Pro accounts. This means that if Coinbase Pro were to fail, the FDIC would step in and reimburse eligible account holders for their cash balances, up to a certain limit. It's important to note that FDIC insurance does not cover cryptocurrencies or other non-cash assets held on the platform. So, if you have Bitcoin or other cryptocurrencies on Coinbase Pro, they would not be covered by FDIC insurance.
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• Mar 15, 2022 · 3 years ago
  FDIC insurance is a government-backed program that provides protection for depositors in case a bank or financial institution fails. In the case of Coinbase Pro, the FDIC insurance covers cash balances held in eligible accounts. This means that if Coinbase Pro were to go out of business, the FDIC would reimburse eligible account holders for their cash balances, up to $250,000 per account. It's important to understand that this insurance only applies to cash balances and does not cover cryptocurrencies or other non-cash assets.
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• Mar 15, 2022 · 3 years ago
  As an expert in the field, I can confirm that FDIC insurance on Coinbase Pro is a valuable feature for users. It provides an extra layer of protection for their cash balances in case of a financial institution failure. However, it's important to note that this insurance only covers cash balances and does not extend to cryptocurrencies or other non-cash assets. So, while your cash on Coinbase Pro is protected by FDIC insurance, your Bitcoin and other cryptocurrencies are not.
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