Coinbase Introduces DEX Trading for US Users

On Friday, cryptocurrency exchange Coinbase announced the integration of decentralized exchange (DEX) trading, allowing users to buy and sell millions of digital assets that were previously inaccessible. This initiative follows a reported decline in their spot trading volumes and revenue for the second quarter. Coinbase aspires to become an 'everything exchange,' encompassing trading of tokenized stocks, prediction markets, and early-stage token sales. 'With our DEX trading integration, new assets become available to trade within moments of creation,' the company stated, emphasizing its aim to expand the number of tradable assets from 300 to millions. Initially, this service will be available in the U.S., excluding New York State, utilizing its Ethereum Layer 2, Base. Coinbase plans to extend its offerings to additional markets, starting with Solana. Users will be able to trade on DEXes like Aerodrome and Uniswap directly from the Coinbase app. Despite a year-to-date increase of over 20% in Coinbase shares, their price has fallen from over $400 in July to roughly $304 as of Friday. Competitors such as Kraken and Robinhood are potentially diminishing Coinbase's market position in the U.S. Moreover, this new initiative will allow users to trade Base-native tokens for various projects such as Virtuals AI Agents and Reserve Protocol DTFs, among others. Disclaimer: The Block is an independent media outlet providing news and data. As of November 2023, Foresight Ventures is a major investor in The Block. This article is for informational purposes only.