Coinbase announced the launch of DEX trading in the US today, and it’s accompanying the move with token listings. LINEA, SYND, and NOICE will begin live trading tomorrow.
Between these listings and Somnia perpetuals contracts, the firm has a mix of offerings on BASE and other blockchains. Still, NOICE, the one BASE-exclusive offering of the bunch, posted the highest immediate gains.
SponsoredCoinbase Launches DEX Service
In the last few weeks, Coinbase has been making major strides to transform its business, applying for a banking license and aiming for deeper TradFi integration.
Today, the popular crypto exchange made another important step, as Coinbase officially launched DEX services for US users:
Due to local regulations, these DEX services won’t be available in New York, where Coinbase has been making outreach with charitable donations and exclusive token listings.
Coincidentally, today’s announcement comes with a new slate of listings too, with three assets going live tomorrow:
Implications for BASE Tokens?
When Coinbase first announced DEX trading in August, it gave a boost to several BASE tokens, and analysts predicted continued gains. Of the three tokens in question, only one, NOICE, is native to Base; SYND is on both it and Ethereum, while Linea isn’t on the blockchain at all.
Coinbase also announced perpetuals contracts for Somnia, a token with its own Layer-1 blockchain.
Still, despite this diversity of listings, the BASE-only token saw the most immediate gains after the listing announcement:
Moving forward, it’ll be interesting to note if Coinbase can play a similar role for BASE projects that CZ and Binance have done for BNB.
BSC is showing immense promise with its native meme coin ecosystem, and this might provide important market insights to Coinbase.
This DEX trading functionality could be a huge benefit for Coinbase, especially as the firm plans to expand to “more assets, more networks, and more countries” soon.
However, some analysts have criticized the exchange’s bold new direction, as it might put increased risk on its consumers compared to other platforms.
It’ll be interesting to see how Coinbase’s ecosystem keeps evolving through these important changes.
