Coinbase wants to support third-party DeFi apps on its platform, says CFO
Coinbase is the largest cryptocurrency exchange in the United States, and it is working on expanding its services to its clients.
Coinbase, one of the largest cryptocurrency exchanges in the world, has revealed that it is interested in entering the decentralised finance (DeFi) space. Alesia Haas, the exchange's chief financial officer (CFO), revealed this during a fintech-focused event hosted by Citi yesterday.
Haas discussed Coinbase's plans for the DeFi space and the broader cryptocurrency market at large. Coinbase has three pillars regarding its overall strategy, and the third one revolves around the Coinbase platform becoming one that users can access and enjoy a wide range of applications and uses.
"The third pillar for us is crypto as an app platform, and here's where we serve the broader crypto ecosystem. We plan eventually to service third-party apps inside our main product and so that we're going to be agnostic between a customer choosing a Coinbase product or a third-party DeFi product. We want to introduce and find the best product for our customers."
The CFO said Coinbase intends to build a strong relationship within the DeFi space as it looks to expand its services. Haas revealed that Coinbase intends to become a bridge to DeFi. The CFO added that;
"As crypto as an app platform, will help DeFi in two ways. One, we're building tools to accelerate the builders in the ecosystem through Coinbase Cloud. And we believe this opportunity itself will be large in the future because more and more companies are going to want to offer crypto services to their end customers. So the second thing we do is that we're helping with distribution. Just like we've been a bridge to crypto buy, sell, we'll be a bridge to DeFi."
Coinbase intends to make the DeFi space accessible to billions of people globally by making it easier to use. The DeFi space has grown to become a multi-billion dollar market and continues to grow as more people use the services offered by the numerous DeFi protocols.