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 definition of a prime broker. This development sets Coinbase apart from its rivals, which still rely on piecing together these services from multiple providers. In traditional finance, only a handful of firms, such as Goldman Sachs and Morgan Stanley, qualify as full-service prime brokers, and the same is now true for Coinbase in the crypto space.