Mike Lempres, Coinbase's Chief Policy Officer, responded to recent murmurs about proprietary trading stating, "Coinbase does not trade for the benefit of the company on a proprietary basis. In order to provide an easy-to-use customer experience, Coinbase Consumer quotes a price and then quickly fills the order from our exchange platform (Coinbase Markets)". Lempres goes further and explicitly states that Coinbase does not participate in market making activities and that the firm's focus is to be the world’s most trusted place to buy, store and interact with cryptocurrency. (Source: Coinbase)
The CME Group will expand its crypto reference rates from the end of October in partnership with CF Benchmarks.