All assets are going on-chain! The largest cryptocurrency exchange in the US, Coinbase, is planning an ambitious strategic transformation.
According to media reports, the company’s CEO, Brian Armstrong, recently announced on the social media platform X that Coinbase will become a “exchange for everything,” with plans to move all assets, including stocks, derivatives, and prediction markets, onto the blockchain for trading.
As Coinbase’s Vice President of Product, Max Branzburg, put it: “We are building an exchange that trades everything, with all transactions conducted on-chain.” Analysts note that the core philosophy behind this strategic transformation lies in redefining the boundaries of digital asset trading.
Coinbase believes the current policy environment has created favorable conditions for innovation and broader market adoption. Barclays analysts pointed out that while the timeline for new opportunities to translate into substantial revenue remains unclear, regulatory support is steadily increasing.
“Everything Exchange” Strategic Layout
Coinbase CEO Brian Armstrong emphasized the long-term logic behind this expansion on the social media platform X:
“Coinbase is becoming an everything exchange. All assets will inevitably move onto the blockchain, so we want to have everything you want to trade in one place.”
Coinbase Product Vice President Max Branzburg stated clearly in an interview:
“We are building an exchange for everything. Everything you want to trade, one-stop shopping, all on-chain. We are bringing all assets on-chain—stocks, prediction markets, and more. We are laying the foundation for a faster, more accessible, and more global economic system.”
This new “exchange for everything” will include tokenized physical assets, stocks, derivatives, prediction markets, and early-stage token sales. The new product will be launched in the coming months, initially targeting U.S. users, followed by “gradual international expansion based on regulatory approvals.”
Branzburg emphasized that tokenized stocks are the next critical step, describing the traditional stock market—valued at $100 trillion—as a prime opportunity for on-chain transformation.
According to reports, Coinbase’s expansion plans go beyond traditional cryptocurrency trading pairs, aiming to establish an alternative to traditional brokerage firms. The company plans to offer a unified platform where users can trade diversified assets, with all transactions settled and protected on-chain.
This expansion initiative intensifies competition between Coinbase and rivals such as Robinhood, Gemini, and Kraken. Notably, these competitors have recently opened their tokenized stock products to users outside the US.
Coinbase CEO Brian Armstrong has set the goal of making Coinbase the top financial services app within the next decade.
Improved regulatory environment drives expansion
Recent changes in the regulatory environment have encouraged Coinbase to accelerate its diversification efforts. Analysts note that as stablecoin-related legislation provides clear guidelines and the regulatory framework for digital assets matures, the company believes the environment for innovation and broader adoption is becoming increasingly favorable.
Barclays also noted that despite a 26% decline in second-quarter revenue, Coinbase’s latest shareholder letter described these developments as growth catalysts. Meanwhile, stablecoin activity revenue grew by 12%, partially offsetting weaker trading revenue. The company expects subscription and service revenue to rise steadily in the next quarter.
While retail and institutional investor trading remains Coinbase’s core business, the company is actively promoting new services to enhance consumer engagement, leveraging the new U.S. policies supporting cryptocurrency.
Two weeks ago, the company launched the “Base App,” aiming to create a Western-style super app akin to WeChat.
Analysts note that these initiatives indicate Coinbase is transitioning from a pure cryptocurrency trading platform to a comprehensive financial services provider, seeking to redefine the boundaries of digital asset trading in the new regulatory environment.
Barclays analysts point out that while the timeline for these new opportunities to translate into meaningful revenue for Coinbase remains unclear, there is no doubt the regulatory environment is becoming increasingly supportive.
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