Key facts
- Coinbase achieved an all-time high in market share in Q1.
- Coinbase launched global crypto derivatives in the US.
- Coinbase relaunched in India with direct INR deposits and withdrawals via the IMPS network.
- Coinbase plans to offer spot trading and perpetual futures in India.
- Coinbase Ventures acquired ENA tokens and partnered with Ethena.
- Ethena's USDe stablecoin has surpassed $1 billion in value.
- Coinbase and Better Mortgage closed the first Fannie Mae-insured mortgage collateralized by Bitcoin.
- Anchorage Digital staked approximately $110 million in ETH.
- Bitwise's tokenized Crypto Carry Fund was approved on Aave Horizon.
- OranjeBTC purchased 20 BTC for $1.506 million.
- The Genius Act introduced regulatory limitations for stablecoins.
Coinbase has reported an all-time high in market share for the first quarter, alongside the launch of global crypto derivatives trading in the U.S. The exchange has also made significant moves to expand its international presence, notably relaunching in India with direct Indian Rupee (INR) deposits and withdrawals facilitated by the IMPS network. This strategic re-entry into India, considered the world's largest crypto market by user numbers, aims to provide a more accessible and compliant platform, with plans to offer spot trading and perpetual futures to eligible users. The INR deposit and withdrawal feature is being rolled out gradually over the next two weeks.
Coinbase's influence extends to strategic investments and partnerships. Coinbase Ventures has acquired ENA tokens on the open market, signaling a partnership with Ethena. This collaboration is poised to integrate Ethena's stablecoin products, including its USDe stablecoin which has surpassed $1 billion in value, into Coinbase's platform, potentially reaching its user base of over 100 million. In a move to broaden its product offerings, Coinbase, in conjunction with Better Mortgage, has facilitated the first Fannie Mae-insured mortgage in the U.S. collateralized by Bitcoin. This allows borrowers to use Bitcoin or USDC holdings as collateral for down payments without needing to liquidate their crypto, with pledged assets secured in Coinbase Prime custody.
Beyond Coinbase's direct activities, the broader institutional crypto landscape shows increased engagement. Anchorage Digital has deposited 55,594 ETH, valued at approximately $109.9 million, into the Ethereum 2.0 staking contract, marking one of the largest single institutional staking deposits recently and indicating regulated custodians' active participation in network operations. Bitwise Asset Management's tokenized Crypto Carry Fund (USCC) has received approval as an asset issuer on Aave Horizon, enabling the fund to be used as collateral on the Aave DeFi lending protocol. The fund targets a 4% annual yield through a market-neutral basis-trade strategy. Separately, OranjeBTC acquired 20 BTC for $1.506 million, increasing its total holdings to 3,762 BTC. Amidst these developments, the 'Genius Act' has introduced regulatory guardrails for stablecoins, distinguishing them from unregulated instruments and establishing a framework for their operations.