What happened?
Coinbase added decentralized exchange (DEX) trading directly inside its mobile app for U.S. users, though New York residents are excluded. The feature integrates the 1inch Swap API and starts with Base-native tokens from projects like Virtuals AI, Reserve Protocol, and SoSo Value, letting people swap tokens before Coinbase formally lists them. Coinbase says it will roll out more assets, networks, and countries over time.
Who does this affect?
Millions of Coinbase retail users in the U.S. (except New York) now have a built-in self-custody option to trade onchain without leaving the app. Crypto projects launching on Base get faster access to mainstream buyers and liquidity, while DeFi traders and liquidity providers can tap more pools and trading opportunities. Centralized exchanges, custody-focused traders, and regulators will also feel the change as trading moves onchain.
Why does this matter?
This move speeds up the shift of trading volume from centralized exchanges to decentralized platforms by making onchain swaps easy for mainstream users. That could boost onchain liquidity and perpetual DEX volumes, intensify competition among venues, and change how new tokens are discovered and traded. For Coinbase, it’s a way to grow engagement and revenue as traditional exchange activity softens, but it also brings new operational and regulatory risks.