As Coinbase unveiled an “Everything Exchange” plan that goes beyond crypto trading to cover stocks and options, prediction markets and AI-based investment execution, Bitwise assessed that the line between crypto and traditional finance (TradFi) is beginning to disappear.

According to blockchain outlet U.Today on June 17, Bitwise chief investment officer Matt Hougan (맷 호건) said if Coinbase’s future revenue comes from non-spot trading such as stock trading, perpetual futures and options, it may become difficult to view the company as only a pure crypto firm.

The industry’s competitive landscape is also changing. In the past, a crypto exchange’s main rivals were platforms in the same business such as Binance and Kraken. Going forward, it will also compete head-on with traditional investment platforms such as Robinhood, Charles Schwab and Interactive Brokers. Coinbase is also aiming to become users’ main financial account, and as a result the platform’s operating scope no longer remains limited to on-chain transactions.

Coinbase also presented a detailed expansion plan. From next month, users outside the United States will be able to trade tokenised stocks on Coinbase. Holders of those assets will be able to trade 24 hours a day and transfer them peer-to-peer, and also receive dividends and shareholder rights. It will also support a function to move stock portfolios held on other platforms directly to Coinbase.

It also plans to introduce options trading on traditional stocks. The plan includes providing exposure to unlisted companies such as Anthropic and OpenAI. In response to the growth of prediction markets, it will also add products that involve guessing the price direction within a set time. Behind Coinbase’s “Everything Exchange” banner is a strategy to bundle users’ assets and trading activity into a single platform.

AI adoption is also being pursued in parallel. Users will be able to use AI agents to execute complex portfolio strategies 24 hours a day, and set the operating conditions for each agent in natural language. Coinbase is moving to combine AI across trading infrastructure while automating investment execution tools.

Hougan said such changes could alter Coinbase’s business identity itself. He said Coinbase is trying to become an “Everything Exchange” beyond a crypto exchange, and that if revenue shifts to non-spot businesses such as stock trading, perpetual futures and options, the nature of the company could change.

Coinbase’s latest expansion is closer to an attempt to change the platform’s character itself. As stocks, options, prediction markets and AI-based investment execution functions are combined into one platform, the boundary between crypto and traditional finance is expected to blur further.

If a majority of Coinbase's revenue eventually comes from something besides trading spot crypto assets -- supporting stablecoins, trading stocks, offering perpetuals, trading options, providing financial advice, etc. -- will it even be a crypto company? The lines between crypto… https://t.co/w7ReFDHsn0