Coinbase is currently hosting the State of Crypto Summit in New York City, introducing several products they plan to launch in the coming months.
Upcoming products include a credit card created through collaboration with American Express, perpetual contracts, and several developments for the Base network.
What happened at the Coinbase summit?
Coinbase, one of the world's largest cryptocurrency exchanges, has previously held these annual summits. This year, in addition to featuring many prominent speakers, the company particularly emphasized its own products.
They made several bold commitments, declaring they will provide a credit card by the end of this year:
This is not the first time Coinbase has attempted something similar; in 2021, they launched a debit card with mixed results. However, the industry has changed significantly since then.
In the same year, American Express had rejected the idea of a cryptocurrency credit card, but they have clearly changed their perspective.
By offering 4% Bitcoin cashback on each purchase, American Express will need to engage more with the Web3 space. So far, the announcement at the Coinbase Summit has not revealed additional details; however, excitement is high.
Additionally, the exchange will begin offering US-regulated perpetual futures contracts. Coinbase has already provided perpetual contracts in other markets, but bringing it to the US will be a significant step.
Cryptocurrency futures trading has recently become a profitable market, with Hyperliquid dominating in activity and revenue in this field.
Coinbase revealed several other products at the Summit. The exchange announced that Shopify is preparing to accept USDC payments on Base, as well as provide a percentage of profit with each purchase.
Coinbase and Circle have had a prior relationship, and with Shopify, they may have launched a new commercial standard for managing these transactions:
This was not the only Base-specific product introduced at the Coinbase Summit. Beyond the company's CEX capabilities, Base will also host DEX trading.
This will allow users to access a broader range of assets in the Coinbase app, especially new speculative tokens and meme coins launched daily.
