Coinbase streamed an in-person trading competition from Singapore on Oct. 8, advertising $150,000 for the trader crowned Coinbase Champion and presenting the event as a spectator tournament.
The company's Token 2049 Champions Cup page billed the contest as an esports-style perpetual-futures tournament featuring 10 traders and one winner. Its standings tracked the traders' profit and loss in dollars, while the broadcast mixed trading updates with walkouts, jokes and an invitation for viewers to pick a contestant.
At 6:54 p.m. UTC, the event page listed Intern first with $4,263.37 in profit and loss. Coinbase CEO Brian Armstrong promoted the contest as it went live, saying that “in an hour” one trader would be crowned Coinbase Champion and win $150,000.
Coinbase's announcement described the in-person competition as live, streamed from Singapore.
Coinbase's coverage identified several contestants: Ansem (@blknoiz06), @izebel_eth and @intern among its walkout and introduction posts. It also posted updates naming @Goupenguin, @osf_rekt and @insomniacxbt, with @osf_rekt making what the company called a high-energy entrance.
Coinbase joked that @Goupenguin was trading while watching cats, then said @intern had decided to make memes instead and was backing Jez to win. Intern, who later topped the displayed standings, was also a running joke.
During the action, Coinbase said @osf_rekt had moved into first place at 1:32 p.m. UTC. Seven minutes earlier, its @insomniacxbt update said there were 35 minutes left to win the prize.
A separate prize drawing for Coinbase cup viewers
Coinbase invited viewers to the Champions tab in its app to vote for a trader, but only in certain geographies. Its official rules describe a free promotion: no purchase was necessary, and spending or trading would not improve a participant's chance of winning.
Only votes for the winning trader would qualify for a random prize drawing. If traders tied for the highest total profit and loss, votes for any tied trader would qualify.
The rules called for three voting rounds, with one trader selected per round and up to three votes overall. Entry was limited to eligible app users at least 18 and the age of majority, with jurisdiction and, in some markets, onboarding requirements.
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