During the recent bear market, there have been a few articles challenging the stability of Coinbase after a dismal earning report in terms of it’s ability to weather the storm (i.e. whether it has enough cash reserves on hand, etc.). https://www.cryptovantage.com/news/should-coinbase-users-be-worried-about-losing-crypto-in-a-bankruptcy/
I use the Coinbase Pro application, as it has lower transaction fees than the main Coinbase application (even though the user experience is much worse). Over the past couple of months, their application has been extremely laggy and unresponsive - with numerous outages, and an even slower performance than the NNS to be honest.
This leads me to ask the question - what would happen to the ability to exchange ICP in a major Coinbase outage or worse, if Coinbase goes bankrupt?
“What Coinbase’s declaration means is that, in the event of bankruptcy, its users will get their funds back only after the exchange has paid off its more important creditors first, as well as the lawyers and bankers handling its bankruptcy proceedings. Put differently, there might not be much crypto left for users once everyone else has been compensated.”
Obviously the message is to get your crypto off of the exchanges as soon as your transfer clears, but I think the message to entrepreneurs reading this, as well as the DFINITY foundation is that we may want to think about alternative exchanges and avenues that investors and developers in the US and abroad can use to find liquidity in terms of purchasing/selling their ICP so that the IC survives globally independent of any one major crypto exchange.
How do you buy/sell your ICP (exchanges, etc.), and what solutions do you all have in mind?