Coinbase: Everything Exchange Update Merges Crypto TradFi Lines

Coinbase detailed a broad System Update that adds stock and crypto options trading, pre-IPO perpetual futures on names such as Anthropic and OpenAI, thematic index perps, tokenized U.S. stocks and an AI-powered investment advisor. The moves position the platform as users' main account for investing, spending and earning while Matt Hougan questioned whether majority revenue from non-spot trading would still classify Coinbase as a crypto company. The launches accelerate the vanishing lines between crypto and TradFi that analysts have tracked over the past year.