Coinbase ($COIN) stores over 99% of customer assets in cold wallets

Coinbase ($COIN) disclosed that it holds more than 99% of total customer assets in cold wallets, a public reaffirmation made after a hot-wallet incident at rival exchange Binance. The U.S.-listed exchange said it was unaffected by the Binance event and that its systems and customer funds are operating normally, with customer account assets tracked in real time on internal ledger systems and kept separate from corporate assets. Coinbase keeps only a small balance in hot wallets to cover routine withdrawal demand, adjusting that amount as needed, while signing keys for cold storage remain disconnected from the internet. The disclosure matters as a custody and counterparty-risk signal for institutional and retail clients comparing exchange safety practices. What to watch next is whether other major exchanges publish comparable cold-storage ratios and whether Coinbase details the incident response or reserve attestations behind the 99% figure.