Coinbase offers $150,000 in Singapore trading contest

Coinbase held the Token 2049 Champions Cup in Singapore on Oct. 8, presenting it as a live, esports-style competition involving 10 perpetual-futures traders. The prize was for the trader crowned Coinbase Champion.

The event page displayed each contestant’s profit and loss in dollars. At 6:54 p.m. UTC, it listed Intern first with a displayed profit and loss of $4,263.37. Coinbase had reported at 1:32 p.m. UTC that OSF_REKT had moved into first place, indicating that the rankings changed during the contest. The page did not mark the final standings or officially name a champion in the available updates.

Coinbase’s coverage identified Ansem, Izebel, Intern, Goupenguin, OSF_REKT and InsomniacXBT among the contestants. The broadcast included trader introductions, walkouts, trading updates and entertainment segments. Coinbase joked that Goupenguin was trading while watching cats and that Intern was making memes during the contest.

Coinbase CEO Brian Armstrong promoted the competition when it began. “In an hour,” one trader would be crowned Coinbase Champion and receive $150,000, he wrote. Coinbase described the contest as an in-person event streamed from Singapore.

Coinbase also invited viewers in eligible locations to vote for a trader through the Champions tab in its app. Only votes for the winning trader qualified for a separate random prize drawing, so choosing the winner did not guarantee a prize. The promotion required no purchase, and trading or spending did not improve a participant’s odds.

The rules provided three voting rounds, with one trader selected in each round and up to three votes allowed per participant. Entry was limited to eligible app users who were at least 18 or had reached the age of majority. Additional location and onboarding requirements applied in some markets. If traders tied for the highest profit and loss, votes for any tied trader qualified for the drawing.