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Coinbase almost definitely acts as a market maker as well. I would be very surprised if they didn’t at least seed the order book a little before listing new pairs.


The definitely do act as a market maker. This is probably just them getting some liquidity before listing. With Mina they literally announced such a thing. https://twitter.com/CoinbaseAssets/status/150671712249959629...


Further, Coinbase often lists some new assets on Coinbase earn where it gives them for free to users.




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