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 definition of a prime broker. This distinction is notable, as only a handful of firms in equities and fixed income markets, such as Goldman Sachs and Morgan Stanley, qualify as full-service prime brokers. In the crypto space, Coinbase is the sole provider offering all these services natively, whereas other firms are still piecing together their offerings from various providers.