Crypto trading platform Coinbase announces the launch of Decentralized Exchange (DEX) trading within its app, with support for coins like Base and Solana available immediately, while support for other coins, such as Solana, is set to arrive shortly.
Coinbase, the popular cryptocurrency exchange, has announced the launch of a decentralized exchange (DEX) feature on its mobile app, allowing users to trade millions of on-chain assets directly. The new service will initially focus on tokens minted on Coinbase's Base network, with plans to expand to other blockchain networks, including Solana, in the future.
The DEX trading feature, which routes orders through aggregators like 0x and 1inch to access liquidity from major DEX protocols such as Uniswap and Aerodrome, is available to most U.S. customers except those in New York State. The exchange currently supports millions of on-chain assets, with a focus on Base-native tokens and projects like Virtuals AI Agents, Reserve Protocol’s decentralized tokenized funds (DTFs), SoSo Value, Auki Labs, and Super Champs.
In a tweet, Brian Armstrong, the CEO of Coinbase, announced the expansion, stating that the move aligns with the company's broader "everything app" strategy that aims to bridge centralized exchange convenience with decentralized finance (DeFi) accessibility. The announcement was accompanied by a link to a picture.
With this move, Coinbase aims to empower the builders creating tokens on Base, providing them with seamless retail distribution directly through the Coinbase app. This means that retail users will have earlier access to new tokens, without having to wait for a traditional listing. Coinbase has made six acquisitions this year to expand its offerings, including a deal to buy options exchange Deribit for $2.9 billion.
It's worth noting that Coinbase went public in 2021, and its stock (NASDAQ: COIN) was trading 2% lower on Friday at nearly $304 per share. The company is also seeking approval from the SEC to introduce tokenized equities.
Base, an Ethereum scaling network created by Coinbase, will be the initial supported network for the DEX trading feature. The rollout will start with tokens minted on Coinbase's Base network, with plans to expand support to additional blockchain networks, including Solana, in the future. However, no exact timeline for Solana integration has been disclosed yet.
In summary, Coinbase's expansion into decentralized exchange trading is a significant step towards making its app the simplest way to access on-chain markets. The company's strategy of bridging centralized and decentralized finance is expected to provide users with a more seamless and accessible way to trade digital assets.
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