Coinbase has officially launched decentralized exchange (DEX) trading directly within its mobile app for all eligible U.S. users, excluding those in New York State due to local regulations.
This integration allows users to trade millions of on-chain assets—primarily on the Base network—moments after they launch, without needing to wait for traditional listings or switch to external wallets.
Live now for U.S. app users (ex. NY). Expansion to more networks like Solana and countries is planned soon. Trades are routed through DEX aggregators like 1inch and 0x for optimal pricing and liquidity from pools on platforms such as Uniswap and Aerodrome.
Users can fund trades with their existing Coinbase balances or USDC, retaining self-custody via the app’s built-in wallet. Coinbase covers gas fees, charging only a small, transparent trading fee.
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Instant access to new Base-native tokens from projects like Virtuals AI Agents and Reserve Protocol. No asset listing delays—new tokens become tradable within hours of on-chain creation.
Bridges centralized (CEX) and decentralized (DeFi) trading, lowering barriers for retail users. This follows a limited beta in August 2025 and aligns with surging DEX volumes (up 25% in Q2 2025 to over $400B monthly, per DeFiLlama).
Coinbase’s Q2 trading volume dipped slightly to $237B, making this a strategic push toward an “everything app” for crypto. Coinbase shared the news on X: “Check your phone—the wait is over.
Explore millions of assets, moments after they launch, right from the Coinbase app. DEX trading is live for all U.S. users excluding. NY. Coming soon: more assets, more networks, more countries.” The post included a short video demoing the seamless swap interface.
Users can now trade millions of on-chain assets, including newly launched tokens, directly within the Coinbase app without needing external wallets or navigating complex DEX platforms like Uniswap. This lowers the entry barrier for retail investors exploring decentralized finance (DeFi).
Self-custody via Coinbase’s integrated wallet gives users more control over their assets compared to traditional CEX trading, aligning with DeFi’s ethos. Coinbase covering gas fees simplifies the trading process, as users only face a transparent trading fee. This could make DEX trading more cost-competitive with CEX trades for retail users.
Seamless integration with existing Coinbase balances for USDC or other assets eliminates the need to transfer funds to external wallets, improving user experience. Users can trade Base-native tokens moments after launch, offering opportunities to invest in emerging projects before they hit centralized listings.
As Coinbase’s Layer-2 solution, Base benefits from increased visibility and liquidity as millions of Coinbase users gain direct access to its ecosystem. This could drive adoption of Base-native projects and increase on-chain activity.
Per recent data, Base’s total value locked (TVL) and transaction volume could see significant growth, building on DeFi’s Q2 2025 surge to over $400B in monthly DEX volume according data from DeFiLlama.
Coinbase’s integration of DEX trading within a CEX app bridges centralized and decentralized finance, potentially accelerating mainstream DeFi adoption. This could pressure other CEXs (e.g., Binance, Kraken) to offer similar features.
It may also spur competition among DEX aggregators like 1inch, 0x and protocols like Uniswap and Aerodrome to optimize liquidity and pricing for Coinbase’s routing. Early access to new tokens could increase volatility in the DeFi space, as speculative trading on fresh assets spikes.
The move could shift some trading volume from traditional CEX markets to DEXs, especially for long-tail assets not listed on centralized platforms. By embedding DEX trading, Coinbase strengthens its push toward becoming a crypto “everything app,” combining CEX convenience with DeFi flexibility.
This could help reverse its Q2 2025 trading volume dip $237B, down slightly year-over-year. The focus on Base reinforces Coinbase’s investment in its Layer-2 network, potentially capturing more value within its ecosystem as Base grows.
While Coinbase covers gas fees, its trading fees on DEX swaps provide a new revenue stream. As trading volume grows, this could offset costs and boost profitability. The feature may attract new users and retain existing ones, increasing engagement and potential subscription uptake.
Excluding New York suggests Coinbase is navigating strict U.S. state regulations like the BitLicense requirements. Expanding to other regions will require careful compliance, especially in jurisdictions skeptical of DeFi.
By offering self-custody and DEX access, Coinbase may mitigate some regulatory scrutiny faced by CEXs, aligning with decentralized principles while maintaining a trusted brand. Coinbase’s move could normalize DeFi for millions of retail users, driving broader adoption and potentially influencing other major CEXs to integrate DEX features.
It may accelerate development of user-friendly DeFi tools, as competitors aim to match Coinbase’s seamless experience. Base’s prominence could challenge other Layer-2 solutions for market share, especially if Coinbase expands DEX support to networks like Solana.
Users in New York miss out due to regulatory hurdles, limiting full U.S. reach. High trading volumes could strain Base or DEX aggregators, potentially causing delays or slippage during peak activity.
While self-custody empowers users, it also shifts responsibility for private key management, which could lead to losses if mishandled. Expanding DEX access globally may face pushback in regions with unclear or restrictive crypto regulations.
This move positions Coinbase as a leader in bridging CEX and DeFi, potentially reshaping retail crypto trading while amplifying Base’s role in the ecosystem.