Crypto exchange Coinbase has unveiled a litany of new products, tools, and offerings as part of its latest corporate "System Update," as it looks to become the go-to app for crypto, stocks, options, perps, prediction markets, token launches, and "intelligent financial services."

This includes updates to its Coinbase One Card, including a 5% Bitcoin reward on trips booked through its new Travel Portal, as well as an SEC-registered, AI-powered investment advisory system integrated with its main exchange.

It also includes updates to its stock and options trading offerings, like new thematic and pre-IPO perpetual futures, as well as infrastructure updates like unified global liquidity and improvements to the Coinbase Developer Platform.

"So far as we've rolled out these ‘Everything Exchange’ products our customers are loving them," Head of Consumer & Business Products at Coinbase Max Branzburg told The Block in an interview. "When you listen to your customers and they tell you what they want and you deliver what they want, good things happen."

While Coinbase has successfully staked out the term “Everything Exchange” to describe its ambitious approach to expanding beyond its core crypto trading business, it is far from the only crypto-native firm to branch out. Rivals like Kraken, OKX, and Binance have also rapidly grown their equities and derivatives platforms, as well as new offerings like pre-IPO trading. Earlier Tuesday, Coinbase said it would launch “the first real, 1:1 backed tokenized stocks” of U.S. companies.

In some sense, major crypto exchanges have all converged on a similar idea: if crypto is the future of finance, then crypto exchanges must become individual nodes for all financial activities. 

According to Ben Shen, Coinbase’s head of financial services and loyalty products, the company is looking to become users’ “primary financial account,” not just for trading and investing, but for everyday spending, earning, borrowing, and growing their money.

“We’re viscerally aware of the trade-off that customers are often making on a day-to-day basis” when deciding to move capital onto Coinbase versus their brokerages and banks, Shen said, noting that brokerages allow people to invest, but not use their money on “a day-to-day basis,” and vice versa for banks. “Why do customers need to make that trade-off?”

Coinbase, rather, is looking to become a place where users can both keep “money at rest” and “money in motion,” with rewards optimized for both use cases, Shen said.

As part of this push, Coinbase One is trying to make it easier for users to access the Coinbase One credit card. This includes users “who aren't approved for a traditional line of credit,” by accepting their USDC balances as collateral.

“We're allowing people to use from 500 to $5,000 USDC as a security deposit for the card,” Shen said. “We are exploring even lower amounts, actually. We've seen interesting demand from a variety of customers.”

Shen noted Coinbase’s Travel Portal was built through a partnership with Booking.com. Customers will now be able to book flights, hotels, or cars through the customized portal, and instead of miles or points, they’ll earn 5% back in bitcoin.

Coinbase Advisor

In addition to major UI updates and new security features, like Transfer Protection — a defensive framework to set up time-delayed withdrawals, protecting users against the rising threat of “wrench attacks” — perhaps the most significant new release in terms of user experience is Coinbase Advisor.

Coinbase Advisor is essentially a “robo-advisor on steroids,” Lincoln Murr told The Block. The service is an SEC-registered financial advisor inside the app that gives personalized trading insights and recommendations based on users’ portfolios.

While this advisor cannot make trades on users’ behalf, it can deliver personalized multi-asset trading and hedging strategies that respond to real-time news and other user data.

“It could be crypto, it could be predictions, it could be equities,” Shen said. “It synthesizes market trends to provide you with personalized multi-asset strategies … leveraging the power of AI, leveraging what we know about you.”

This goes along with other AI advancements Coinbase has been rolling out, like Coinbase for Agents, which allows clients to connect their trading accounts to their AI accounts.

More things to trade

A major part of Coinbase’s System Update on Tuesday, which will roll out over the next couple of months, is Coinbase’s single, regulated global liquidity pool across its spot crypto and derivatives offerings, finally breaking down the barrier that existed between its U.S. and international operations.

“International will now be available to U.S. traders and likewise the liquidity and all the benefits that we've had as the most trusted U.S. exchange for years are going to flow to support the international pool of liquidity as well,” Branzburg said.

This is especially significant given that the Commodity Futures Trading Commission recently granted Coinbase approval to list its “perpetual-style” futures — long-dated futures designed to mimic traditional perps — in the U.S. That means, over the coming months, Coinbase Derivatives will be able to bring its international perps and other options to the U.S., as part of the exchange’s “global by default” strategy, Branzburg said.

“Every single product we build starts from a position of we're going to offer this product globally to everyone everywhere,” he added, noting that there are still restricted regions.

Likewise, Coinbase is also rolling out the ability for users to transfer their existing stock portfolios onto the exchange, which is ramping up to support “every major stock, index, and ETF you can think of in the U.S.”

Users will also be able to trade options for both stocks and crypto, supported by Coinbase’s acquisition of Deribit.

“That's a really unique asset that Coinbase has,” Branzburg said. “You can imagine as we're continuing to build out all the professional capabilities, margin will be part of that roadmap for both crypto and equities eventually.”

Going along with this, Coinbase also recently announced it would be launching brand-new thematic equity index perps, including its AI10, China10, Defense10, Tech100 offerings, which Branzburg called first-of-their-kind products.

“It's the first time there's been the perpetual future-like product that's built on top of these indices,” he said. “You wouldn't have expected that sentence three years ago when [Coinbase] was crypto only, but because of the innovation in crypto and the way that we're bringing that to other asset classes, it's now actually possible to leapfrog what people have been used to in these other asset classes.”

Similarly, Coinbase also rolled out pre-IPO trading, which had a sort of trial by fire with the recent, closely-watched SpaceX IPO. In addition to opening the door to retail traders, Branzburg noted Coinbase’s pre-IPO SpaceX perp served as an effective tool for price discovery, with the perp trading close to the “opening bell.”

The firm is planning similar offerings for the much-anticipated Anthropic and OpenAI initial public offerings. 

Similarly, Coinbase is more closely integrating token launchpads on Base and Solana into the main exchange through a new “Launches” tab. Users will now get earlier access to tokens during their creation phase on platforms like Pump.fun, before they “graduate” to onchain trading, building on its previous Base and Solana DEX integrations.

“The launches tab will show you by the second the new assets that are getting formed through that launchpad,” Branzburg said.

Finally, on the trading front, Coinbase is updating its in-house prediction market to support crypto binaries and combos. Crypto binaries refer to new “time-boxed,” typically in 15-minute increments, “up or down” markets on tokens like BTC, ETH, and SOL, providing another way for traders to express views on crypto prices.

Branzburg noted these “new 15-minute markets on crypto” feature an “engaging cool UX that people can then use alongside their crypto spot trading.”

Bundles, meanwhile, will allow users to combine multiple predictions into a single trade, across categories. This includes combining bets on economic performance with bets on global political events.

“We're trying to serve the active trader and investor, but ultimately trying to get them to like transform their relationship with Coinbase,” Shen said.