Coinbase has launched its decentralized exchange (DEX) trading platform. The exchange is a part of the company’s vision to offer users access to millions of tokens. The service currently has assets on the Base network, the Coinbase Ethereum Layer 2 solution, and, initially, limited availability in the United States, not including New York.
The new DEX also allows native Base tokens issued by new projects, including Virtuals AI Agents, Reserve Protocol DTFs, SoSo Value Index, Auki Labs, and Super Champs, to be traded. These tokens will be available to users on-chain, facilitating a simplified interface to support Coinbase’s goal of becoming the easiest entry point to on-chain markets.
“Every day, more tokens are launched on Base than anywhere else. Coinbase isn’t just building for traders to access them—we’re also empowering the builders creating them,” reads the Company Statement. The company added, “This means you do not have to wait for a traditional listing to access Coinbase’s distribution. For retail users, it means earlier access to new tokens. For Base builders, it unlocks seamless retail distribution directly through the Coinbase app.”
Brian Armstrong, the CEO of Coinbase, confirmed that support for Solana tokens is still under development and will be added soon. He also noted that Coinbase is trying to make decentralized trading accessible like conventional crypto exchanges. Additional Base assets will be added to the exchange gradually, increasing access to tokens during the upcoming weeks.
Coinbase rolls out its DEX amid slump in spot volume
The DEX launch is coming at a time when the platform is experiencing some struggles. In its Q2 financial report, Coinbase experienced a decline in the amount of spot trading and revenue, and a rise in competition with platforms such as Kraken and Robinhood eating into its US market share. Its stock has also dropped since its July highs of over $400 to just $304, although it is up over 20% year-to-date.
The DEX launch seems to target covering these losses through a burgeoning need to trade in a decentralized environment. In contrast with centralized exchanges, DEX platforms enable asset trading directly via their own wallets, which eliminates custodial risks and exposure to regulation in some jurisdictions. The company has not outlined a full schedule for global expansion, but noted that more regional rollouts and network support are part of the plan.
Coinbase is also trying to raise $2 billion through a convertible note offering to support its operations amid tightening revenue and subsequent high expenditure on development. The sale will be divided into two even tranches that will mature in 2029 and 2032, with an optional sale of another $300 million worth of bonds
As Cryptopolitan reported, the notes will only be sold to institutional investors on Rule 144A. The company is expected to enter capped call transactions on each tranche, a strategy often employed to lessen the effect of dilution should noteholders decide to convert the debt into stock. The news comes after a week where its shares plummeted more than 15%, heightening investor concerns.
