Coinbase to expand core platform beyond cryptocurrency with tokenized real-world assets

Coinbase Inc. today announced that it’s planning to expand its core trading app beyond cryptocurrency, with a new “everything exchange” that will include tokenized real-world assets, stocks, derivatives, prediction markets and early-stage token sales.

The plans were revealed by Max Branzburg, vice president of product at Coinbase, in an interview with CNBC. “We’re building an exchange for everything,” said Branzburg. “Everything you want to trade, in a one-stop shop, on-chain. We’re bringing all assets on-chain — stocks, prediction markets and more. We’re building the foundations for a faster, more accessible, more global economy.”

The planned offering will initially include tokenized versions of publicly traded U.S. equities, giving investors access to fractional shares with the benefits of near-instant settlement and around-the-clock trading availability. Coinbase plans to leverage blockchain infrastructure to deliver low-cost, always-on access to stock markets, unlike traditional brokerage platforms.

Along with tokenized stocks, Coinbase also plans to launch on-chain prediction markets, where users can trade on the outcomes of real-world events. The Coinbase prediction market would operate similarly to platforms such as Polymarket but integrated directly into Coinbase’s broader trading ecosystem.

Branzburg gave no specific timeline in the interview, but the rollout is expected to begin in the U.S. pending regulatory approval. Coinbase is reportedly also seeking a no-action letter or other exemptive relief from the U.S. Securities and Exchange Commission before launching the product domestically.

Presuming regulatory approval is granted, the move could mark a major step forward for the mainstream adoption of tokenized real-world assets, positioning Coinbase as a leading player in a shift toward decentralized finance infrastructure in traditional markets.

The news came the same day that Coinbase released its quarterly financials, which fell well short of expectations in its fiscal second quarter.

For the quarter that ended on June 30, Coinbase reported adjusted earnings per share of 12 cents, down from $1.31 in the first quarter, on revenue of $1.497 billion, up 3% year-over-year. Analysts had been expecting earnings of $1.51 per share on revenue of $1.59 billion.

Coinbase’s lower-than-expected figures were due to transaction revenue, which was down 39% compared to the first quarter, coming in at $764 million. Spot trading volume declined 40% quarter-over-quarter, to $237 billion, consumer volume fell 45%, to $43 billion, and institutional volume fell 38%, to $194 billion.

Subscription and services revenue came in at $656 million, down 6% quarter-over-quarter, with stablecoin revenue — a rare standout — rising 12%, to $332 million. Interest and finance income totaled $59 million, while custody-related and other subscription revenue contributed $119 million.

Though it didn’t provide a full outlook, Coinbase said it expects July transaction revenue to be about $360 million and subscription and services revenue to range between $665 million and $745 million. The company anticipates transaction expenses to remain in the mid-teens as a percentage of net revenue, with tech and administrative costs projected at $800 million to $850 million, and sales and marketing expenses between $190 million and $290 million.

Photo: Coinbase