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What is the FDIC?
The FDIC is a United States government agency that has insured bank deposits since 1933. While it protects most banks in the US, not all of them are covered by the FDIC. Here we will talk about cryptocurrency exchange Coinbase and how their customer’s money is protected.
Coinbase was founded in 2012 and has grown to be one of the largest bitcoin exchanges in the world with over 10 million active accounts worldwide. The company operates under an insurance policy from Lloyd’s of London for up to $250,000 per account holder on any given day as well as $100,000 per user across all its products (bitcoin wallets). This means that if Coinbase were to go bankrupt or suffer some other catastrophic event like a data breach, the company’s users would be able to access their funds.
The FDIC is an American government agency that has insured bank deposits since 1933 and protects most banks in America from going bankrupt or suffering some other catastrophic event like a data breach by providing them with insurance up $250K per account holder on any given day as well at least another 100k for each user across all its products (bitcoin wallets). This means if Coinbase were go out of business because it was hacked then you could still get your money back through this federal program which will reimburse depositors once they have been verified based upon what type deposit/account holders are eligible under current law.
Coinbase keeps all of its customer’s fiat currencies in bank accounts, or money at US Treasury.
If you are United States resident, your Coinbase USD Wallet is insured by the FDIC up to a maximum of $250,000.
Non US Customers
Coinbase keeps your fiat currency in bank accounts that are kept separate from each other.
Even if Coinbase fails as a business, the funds held in the bank accounts could not be claimed by Coinbase or its creditors. Funds held in Coinbase accounts would be returnable to customers if anything happens to Coinbase.