Coinbase is no longer positioning itself as a crypto-only exchange. The company is assembling an integrated, multi-asset platform designed to keep capital, activity and users within a single system.
That shift is backed by scale. Assets on the platform have increased fivefold over the past three years, surpassing $500 billion by late 2025. Coinbase is using it as the foundation for an “Everything Exchange” that brings equities, derivatives and prediction markets into a unified, on-chain environment.
Coinbase has also agreed to acquire The Clearing
Company, a firm focused on regulated, onchain prediction markets. The
transaction is expected to close in January, with financial terms not
disclosed. Coinbase said the acquisition will add specialized expertise to its
product teams as it expands prediction market offerings within its broader
platform strategy.
The Clearing Company was founded by Toni Gemayel and
operates in regulated prediction markets, which Coinbase described as being “at
the frontier of regulated, onchain markets.”
At its recent System Update event, the company framed this strategy as a reconfiguration of how financial markets operate. Instead of competing with traditional brokers solely on pricing or features, Coinbase is migrating core market functions onto blockchain infrastructure, narrowing the gaps that have historically separated asset classes and settlement systems.
Integrating the Financial Stack
At the core of Coinbase’s strategy is vertical integration, which allows the company to align infrastructure, liquidity and user access within a single operating environment. Coinbase now increasingly controls how transactions are settled, how capital moves and how users interact with the platform.
This integration compresses the distance between different parts of the financial stack. Settlement takes place on Coinbase’s own Layer 2 network, while capital circulates through a unified monetary layer anchored in USDC.
At the user level, access to this system is abstracted through a simplified interface that removes much of the operational complexity traditionally associated with blockchain-based finance.
Together, these layers function as a continuous system rather than a series of hand-offs between independent providers.
The practical effect is the ability to reuse capital across products in near real time.
Assets held in one part of the platform can serve as collateral elsewhere, enabling positions in derivatives or prediction markets without the delays and intermediaries typical of traditional financial systems.
Creating a Self-Reinforcing Financial Flywheel
This integrated model increasingly resembles the approach Amazon used to expand beyond its original product categories. Rather than treating each service as a standalone offering, Coinbase is building an environment in which different parts of the platform continuously feed into one another, keeping users, capital and activity within a single system.
Low-friction entry points, such as zero-fee equity trading, bring users and assets onto the platform. Once inside, capital can circulate across a widening range of use cases, from retail investing to more complex products and corporate financial operations.
Tools aimed at businesses, including payments and treasury functions, further anchor balances within the ecosystem, while emerging machine-to-machine payment standards extend this logic to automated, software-driven activity. Advisory tools sit on top of this infrastructure, using real-time on-chain data to guide decisions rather than relying on static portfolio models.
None of these offerings is transformative in isolation. Taken together, they form a reinforcing flywheel in which infrastructure, liquidity and user engagement strengthen one another.
Regulation as the Foundation for Scale
Coinbase’s push toward an integrated, multi-asset platform is underpinned by a deliberate regulatory strategy. As the company expands beyond crypto into equities, derivatives and tokenised real-world assets, regulatory coverage becomes a prerequisite rather than a constraint.
In Europe, its MiCA licence provides a single legal framework to operate across all 27 EU member states, allowing new products to be rolled out at scale rather than market by market.
In Canada and the United States, Coinbase has pursued structures that support closer integration with traditional banking and securities infrastructure, laying the groundwork for regulated trading beyond spot crypto.
This regulatory positioning is central to Coinbase’s broader model. Initiatives such as tokenisation of real-world assets require legal certainty for institutional participants, particularly when moving instruments like private debt or property onto blockchain rails.
Without regulatory alignment, the integrated stack that underpins Coinbase’s “Everything Exchange” would struggle to attract the scale of capital needed to function as a true financial operating layer.
The Bottom Line
The System Update signalled a shift in how Coinbase positions itself within the financial landscape. The company is no longer focused on individual asset classes. Instead, it is assembling a broader financial operating layer—one that unifies infrastructure, liquidity and user access into a single, cohesive system.
If Amazon’s advantage lay in owning logistics, payments and distribution end-to-end, Coinbase is pursuing a comparable model for capital markets. Whether this approach ultimately reshapes retail and institutional finance will depend on execution and regulatory outcomes. What is already clear, however, is that competition is moving beyond individual products towards control of the underlying financial rails.
Coinbase is no longer positioning itself as a crypto-only exchange. The company is assembling an integrated, multi-asset platform designed to keep capital, activity and users within a single system.
That shift is backed by scale. Assets on the platform have increased fivefold over the past three years, surpassing $500 billion by late 2025. Coinbase is using it as the foundation for an “Everything Exchange” that brings equities, derivatives and prediction markets into a unified, on-chain environment.
Coinbase has also agreed to acquire The Clearing
Company, a firm focused on regulated, onchain prediction markets. The
transaction is expected to close in January, with financial terms not
disclosed. Coinbase said the acquisition will add specialized expertise to its
product teams as it expands prediction market offerings within its broader
platform strategy.
The Clearing Company was founded by Toni Gemayel and
operates in regulated prediction markets, which Coinbase described as being “at
the frontier of regulated, onchain markets.”
At its recent System Update event, the company framed this strategy as a reconfiguration of how financial markets operate. Instead of competing with traditional brokers solely on pricing or features, Coinbase is migrating core market functions onto blockchain infrastructure, narrowing the gaps that have historically separated asset classes and settlement systems.
Integrating the Financial Stack
At the core of Coinbase’s strategy is vertical integration, which allows the company to align infrastructure, liquidity and user access within a single operating environment. Coinbase now increasingly controls how transactions are settled, how capital moves and how users interact with the platform.
This integration compresses the distance between different parts of the financial stack. Settlement takes place on Coinbase’s own Layer 2 network, while capital circulates through a unified monetary layer anchored in USDC.
At the user level, access to this system is abstracted through a simplified interface that removes much of the operational complexity traditionally associated with blockchain-based finance.
Together, these layers function as a continuous system rather than a series of hand-offs between independent providers.
The practical effect is the ability to reuse capital across products in near real time.
Assets held in one part of the platform can serve as collateral elsewhere, enabling positions in derivatives or prediction markets without the delays and intermediaries typical of traditional financial systems.
Creating a Self-Reinforcing Financial Flywheel
This integrated model increasingly resembles the approach Amazon used to expand beyond its original product categories. Rather than treating each service as a standalone offering, Coinbase is building an environment in which different parts of the platform continuously feed into one another, keeping users, capital and activity within a single system.
Low-friction entry points, such as zero-fee equity trading, bring users and assets onto the platform. Once inside, capital can circulate across a widening range of use cases, from retail investing to more complex products and corporate financial operations.
Tools aimed at businesses, including payments and treasury functions, further anchor balances within the ecosystem, while emerging machine-to-machine payment standards extend this logic to automated, software-driven activity. Advisory tools sit on top of this infrastructure, using real-time on-chain data to guide decisions rather than relying on static portfolio models.
None of these offerings is transformative in isolation. Taken together, they form a reinforcing flywheel in which infrastructure, liquidity and user engagement strengthen one another.
Regulation as the Foundation for Scale
Coinbase’s push toward an integrated, multi-asset platform is underpinned by a deliberate regulatory strategy. As the company expands beyond crypto into equities, derivatives and tokenised real-world assets, regulatory coverage becomes a prerequisite rather than a constraint.
In Europe, its MiCA licence provides a single legal framework to operate across all 27 EU member states, allowing new products to be rolled out at scale rather than market by market.
In Canada and the United States, Coinbase has pursued structures that support closer integration with traditional banking and securities infrastructure, laying the groundwork for regulated trading beyond spot crypto.
This regulatory positioning is central to Coinbase’s broader model. Initiatives such as tokenisation of real-world assets require legal certainty for institutional participants, particularly when moving instruments like private debt or property onto blockchain rails.
Without regulatory alignment, the integrated stack that underpins Coinbase’s “Everything Exchange” would struggle to attract the scale of capital needed to function as a true financial operating layer.
The Bottom Line
The System Update signalled a shift in how Coinbase positions itself within the financial landscape. The company is no longer focused on individual asset classes. Instead, it is assembling a broader financial operating layer—one that unifies infrastructure, liquidity and user access into a single, cohesive system.
If Amazon’s advantage lay in owning logistics, payments and distribution end-to-end, Coinbase is pursuing a comparable model for capital markets. Whether this approach ultimately reshapes retail and institutional finance will depend on execution and regulatory outcomes. What is already clear, however, is that competition is moving beyond individual products towards control of the underlying financial rails.
