Coinbase has achieved a milestone in the crypto industry by becoming the only full-service prime brokerage, offering a comprehensive suite of services including trading, custody, financing, derivatives, and cross-margining. According to John D'Agostino, head of strategy at Coinbase Institutional, this achievement is significant as it allows the company to provide a one-stop solution for institutional investors. 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.
With the recent introduction of cross-margining, Coinbase has completed its full-service prime brokerage offering, making it a key player in the crypto market. The company's institutional platform processes roughly $236 billion in quarterly trading volume and supports over 470 assets across 20-plus blockchains. Coinbase's lending book is valued at $1 billion, and its staking business spans 10 to 20 tokens at institutional scale.
D'Agostino believes that the company's comprehensive suite of services sets it apart from competitors and expects banks and incumbents to partner with Coinbase rather than trying to build their own crypto offerings.