tl;dr
Coinbase will offer decentralized exchange (DEX) trading to U.S. customers via its mobile app, excluding New York residents. Initially, trading will include tokens on its Base network, followed by Solana tokens. The service provides earlier token access without traditional listings and enables direc...
Coinbase announced it will offer decentralized exchange (DEX) trading to U.S. customers through its mobile app, expanding access to new tokens previously available only on decentralized platforms. This service, however, will not be accessible to users based in New York State. Initially, Coinbase will enable trading for tokens minted on its Base network before supporting tokens from Solana. Base, an Ethereum scaling network created by Coinbase, fosters the development of new crypto products and sees more tokens launched daily than any other platform.
This new feature allows retail users earlier access to tokens without waiting for traditional listings, while Base developers benefit from seamless distribution via Coinbase. Unlike centralized exchanges, DEXs allow users to trade directly without submitting personal identification, bypassing traditional know-your-customer regulations.
Coinbase CEO Brian Armstrong described this initiative on social media as part of the company's strategy to become an "everything exchange." Since going public in 2021, Coinbase has pursued approval from the SEC to introduce tokenized equities and has made multiple acquisitions to diversify its offerings. Notably, Coinbase announced a $2.9 billion deal to acquire options exchange Deribit this year.
Despite these strategic moves, Coinbase’s stock price has faced downward pressure, trading 2% lower at nearly $304 per share on Friday and down approximately 38% from its recent all-time high near $420 last month.