Coinbase Brings the Heat

Sponsor: Frax — Fraxtal Ecosystem: Where DeFi Meets AI.

Coinbase hosted its third-annual “State of Crypto Summit” in New York City this week and it certainly brought the announcements, sharing blockbuster partnerships and some major updates on its offerings.

It opened with a 90-second pre-recorded message from President Donald Trump, in which America’s Chief Executive attacked the Biden Administration’s “war on crypto,” lauded the crypto accomplishments of his own administration, and committed to passing the GENIUS Act for the promotion of dollar-backed stablecoins.

While the first half of the conference primarily featured thought sessions with prominent crypto industry thinkers and members of the political class, Coinbase itself shone in the post-lunch portion with a litany of product announcements.

Here are some of the notable developments you may have missed from the Coinbase conference. 👇

1️⃣ Shopify Partnership

Coinbase was joined by Shopify CEO Tobias Lütke – who is also a Coinbase board member – who announced that his e-commerce platform would begin offering USDC payments on Base to merchants across 34 countries in partnership with Stripe Connect. Early access to the implementation rolled out yesterday.

This announcement comes shortly after Stripe unveiled its acquisition of wallet infrastructure provider Privy this Wednesday. Early Privy investors include Coinbase, Paradigm, and Sequoia Capital.

2️⃣ Coinbase Credit Card

Coinbase already offers a debit card that provides 0.5% cash back on purchases paid in USDC, BTC, ETH, or XLM, but at the State of Crypto Summit, the Coinbase team unveiled a flashier alternative: a new American Express credit card with up to 4% cash back paid in BTC!

The credit card is exclusively available to Coinbase One members, but Coinbase indicates that annual memberships starting at $49.99 per year will be available to all customers soon. Card holders hoping to earn the maximum 4% cash back reward rate card will need to hold “more” assets with Coinbase.

3️⃣ Onchain Integrations

To better serve crypto users in a world where the majority of digital assets exist solely onchain, Coinbase will soon provide access to decentralized exchange (DEX) trading on Base for all users from the main Coinbase app.

It is a bit unclear what differentiates this offering from Coinbase’s previous on-exchange “Web3 Wallet” – a product that will be sunset on June 30, 2025 – it appears for some it might be seen as a slight step back from previous functionality, which offered access to a wider array of onchain products like lending markets.

4️⃣ Coinbase Business 

Coinbase Business is a crypto platform tailor-made for corporates that will enable firms to accept global payments via crypto, securely custody/trade hundreds of different tokens, earn rewards on idle USDC holdings, and enjoy seamless integration with accounting software. 

The platform is intended to streamline the financial workflows for startups and small businesses, helping them pay global talent, reduce card issuer expenses, and optimize bookkeeping. Coinbase Business will launch later this year, but interested entities can already join the waitlist.

5️⃣ Perpetuals Soon

Coinbase has been insisting for months that it will offer CFTC-compliant perpetual futures to U.S. traders, and at the State of Crypto Summit, the exchange yet again promised that this functionality will be arriving in the near future.

The announcement comes just weeks after CFTC Commissioner Summer Mersinger proclaimed that crypto perpetual futures could come to America “very soon.”

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Learn More

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WEEKLY ROLLUP

Stablecoins Ignite Wall Street

This week, Ryan and David unpack Circle’s stunning IPO debut which soared to a $25B market cap and triggered Wall Street’s stablecoin frenzy.

They break down the landmark Genius Act vote, bringing unprecedented regulatory clarity to stablecoins, and dive into Stripe’s latest crypto bet, acquiring wallet innovator Privy. Polymarket goes mainstream in an official integration with Twitter, while SEC Chair Paul Atkins embraces DeFi as fundamentally American. Plus, Gemini quietly files for IPO, Plasma’s billion-dollar Tether chain ignites, and Trump unexpectedly endorses crypto at Coinbase.

Tune into this week's rollup 👇

Watch on YouTube

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GET CAUGHT UP

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🧑‍💻 Lucas Matney, Bankless Editor