Coinbase has announced the launch of a new decentralized exchange integration that will provide users with access to a multitude of digital assets. This move aims to expand trading capabilities and increase token offerings.
Launch of Decentralized Exchange Integration
On Friday, Coinbase announced the launch of a new integration with decentralized exchanges (DEX) that will give users in the U.S. access to millions of digital assets, greatly enhancing the range of tokens available for trading on the platform. The rollout will begin in the U.S., excluding New York State, utilizing the company's own Ethereum Layer 2 network, Base.
Expansion Plans and Support for New Tokens
The integration allows users to trade directly on DEX platforms such as Uniswap and Aerodrome from within the Coinbase app. Coinbase indicates that new assets will become available for trading within moments of creation. "We’re unlocking a new era of access — going from just 300 assets yesterday to millions before long," the company stated. The DEX feature will also support trading of native tokens from Base-based projects.
Financial Measures and Market Conditions
This move comes amid a decline in Coinbase's spot trading volumes and revenue in Q2, as competition from lower-fee platforms pressures the company's U.S. market share. Coinbase also plans to raise $2 billion through a private offering of convertible senior notes following a revenue drop, which caused its shares to fall by 15% last week.
The launch of the decentralized exchange integration is part of Coinbase's strategy to broaden trading capabilities and improve market competitiveness, especially amid growing competition.
