Coinbase has achieved a significant milestone by becoming the only full-service prime brokerage in the cryptocurrency industry. According to John D'Agostino, head of strategy at Coinbase Institutional, the company has successfully combined trading, custody, financing, derivatives, and cross-margining into a single platform, thereby meeting the traditional Wall Street criteria for a prime broker. This development is notable, especially in the crypto space, where other players have been unable to offer such a comprehensive suite of services. The company's flagship platform, Coinbase Prime, has over $350 billion in assets under custody and serves as a custodian for more than 80% of U.S.
bitcoin and ether ETF assets, solidifying its position as a key bridge between traditional finance and crypto markets.