Coinbase: Dino in a DeFi World?

Photo by Keenan Constance from Pexels

Coinbase’s imminent stock market debut has been a long time coming. It’s a fortuitous time for a crypto exchange to go public; at US$2 trillion (at time of writing), crypto-assets’ total market capitalisation is at an all-time high. The frothy market makes people trade with abandon, bestowing lucrative transaction revenue and custody fees (c. US$1.8 billion in Q1 2021) to Coinbase. In good times, it’s easy to overlook the risk factors listed on Coinbase’s S-1 filing. “No risk, no reward” is the mantra of the day.

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Decentralised Finance (DeFi): The Current State

London, the hub of traditional finance

This is the second of a multi-part series on decentralised finance (DeFi). DeFi is a blockchain use case that is potentially disruptive to the traditional finance industry. The first part of the series explains what it is and the philosophy behind the movement. A primer on blockchain (including examples of insurance use cases) is available in this paper I co-authored.

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