Most Coinbase users want to do more than just trading

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Coinbase wants to become the “primary financial account” for users

Coinbase is the second largest crypto exchange globally and the biggest in the U.S. with a 24-hour spot trading volume over $3.6B. Even though it has a significant footing in the trading world, the company wants to expand its services further.

The crypto exchange wants to become the “primary financial account for users,” Scott Shapiro, senior director of product management at Coinbase, said on the Talking Tokens podcast. (Listen to the episode on Spotify, Apple Podcasts or watch on YouTube).

When Shapiro joined Coinbase in 2019, the exchange had about a dozen assets. It has since grown over 1,983% to about 250 digital assets. “We’ve broadened things beyond trading…[and it] was a big win,” he said.

Users join the exchange to trade, then stay for its staking, spending, quests and onchain activities like buying NFTs and using DeFi apps, Shapiro added. “The first part of the journey is trading, but for most, people appreciate the breadth of activities beyond trading.”

Shapiro focuses most of his role on enhancing trading products as the exchange has been “racing” to add additional functionality and order types for users. Its international exchange is pushing to expand its perpetual futures offerings in non-US markets amid strong growth in the overall derivatives market. Its 24-hour trading volume for derivatives was about $790.675M, according to CoinMarketCap data.

In general, most Coinbase users want “to do more with us,” Shapiro said. “They see what we’re doing and they’re like, ‘how do I take more of my assets, more of my financial life and bring it into crypto?’”

Check out the next section for more details and the full episode.

The latest Talking Tokens podcast 🎙️

For this week’s Thursday episode, I spoke to Scott Shapiro, senior director of product management at Coinbase. 

We discuss Coinbase’s suite of products, what advanced traders want more of, how the spot bitcoin ETF impacted the industry and when will crypto get its watershed moment to onboard the masses.

Talking Tokens episodes are released on Spotify and Apple Podcasts at 6AM EST or YouTube at 10AM EST every Tuesday and Thursday.

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Taking on the tokens 

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These metrics were taken at 7:30 AM EST on Thursday.

Other numbers we’re eyeing…

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Latest updates on crypto startups that secured funding and industry players who are starting something new.

1. Eclipse Labs founder and CEO Neel Somani departs and replaced by team’s chief growth officer following alleged sexual misconduct

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Talking points for the road 

Here’s some headlines and topics that you can talk about at your next dinner party, crypto event or on a first date to look smart (results may vary.) 

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2. Filing shows SEC potentially considering ETH a security in likely ETF denials, analysts say (The Block)

3. Stablecoin Issuer Circle to Make US Legal Home Ahead of Listing (Bloomberg)

4. GameStop sparked the 2021 memecoin bull run — Will history repeat itself? (Cointelegraph)

5. Senate predicted to overturn SAB 121 in vote Thursday, Hill sources say (Blockworks)

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Please note that this content is for informational and entertainment purposes only. Any views shared should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research. We may have a direct or indirect financial interest in content mentioned in this newsletter.