Coinbase (COIN) is rolling out decentralized exchange (DEX) trading inside its main app for customers across the U.S., with the exception of New York State, the company said Friday. The move is part of its broader ambition to turn the platform into an “everything app” for crypto.
The new feature will route trades on-chain through DEX aggregators such as 0x and 1inch, pulling liquidity from decentralized markets including Uniswap and Aerodrome, said Max Branzburg, Coinbase’s vice president of product. By integrating DEX trading, Coinbase is giving users the ability to interact directly with blockchain-based liquidity pools without moving funds off-platform.
At launch, traders will be able to discover and swap an expanding list of Base-native tokens. That roster includes assets from Virtuals AI Agents, Reserve Protocol’s decentralized tokenized funds (DTFs), Centrifuge’s real-world asset products, SoSo Value’s index tokens, as well as Auki Labs and Super Champs.
DEX trading appeals to some crypto users because it allows for self-custody and permissionless access. Instead of relying on a central exchange to match and settle orders, transactions are executed on the blockchain itself. For traders, this can mean access to a wider range of assets, faster listings for new tokens and, in some cases, lower fees. It also removes the need to trust an intermediary with holding funds — though it comes with its own risks, like exposure to smart contract bugs or volatile, thinly traded markets.
The update strengthens Coinbase’s position as a gateway to both centralized and decentralized crypto markets. It also underscores the company’s continued push to embed Web3 tools directly into its core platform, positioning it to capture users who want more control over how they trade and store digital assets.
The move follows the relative success of platforms like HyperLiquid, a decentralized derivatives exchange that has notched $11 billion in volume over the past month. It also gives users a non-custodial option to trade, essentially removing counterparty risk that came to the spotlight after FTX’s momentous implosion in 2022.
Decentralized exchange volume has embarked on a notable uptrend throughout the recent bull market, data from DefiLlama shows that daily volume is at $12.8 billion, dwarfing Coinbase’s total of $3.5 billion, while monthly DEX volume has surpassed $407 billion.