Coinbase is changing its business model, aiming to become a comprehensive financial platform that integrates various asset classes and services. Bernstein analysts refer to this ambitious strategy as an “exchange for everything” and detail it in their December 1st report. This transition is occurring during a period of uncertainty in the cryptocurrency market, which has impacted Bitcoin’s price and led to a decline in Coinbase’s stock. However, despite current market challenges, analysts note the resilience of the exchange’s operational activities and infrastructure business, allowing Coinbase to develop new products. Previously, the company’s revenue was heavily tied to trading, which raised investor concerns. Now, with the development of stablecoins (generating about 20% of revenue) and thanks to new regulatory opportunities in the US, Coinbase is expanding its functionality. The successful acquisition of a token launch platform has already proven effective, attracting significant investment for startups. In the near future, on December 17th, the launch of trading in tokenized stocks and prediction markets is expected, allowing users to conduct operations with cryptocurrencies, stocks, and predictions within a single ecosystem with settlements in USDC.
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