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Coinbase

Provider
Crypto / StablecoinCrypto Custody

Embedded-finance provider tracked in the Embedded Finance Index — disclosed by 6 companies across 2 categories.

coinbase.com ↗Also analysed as a company — its own stack →
CategoriesCrypto / Stablecoin, Crypto Custody
Rank#14 of 57 in Crypto / Stablecoin
Buyers6 companies
HeadquartersSan Francisco, California, United States
Founded2012
FoundersBrian Armstrong, Fred Ehrsam
Raised$847.3M (pre-IPO venture)
TickerNASDAQ:COIN
Market cap~$70B
IPO2021
Pre-IPO raised$547M
RegulatoryConditional approval · National trust bank

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Founders & story · from Coinbase’s own dossier

Founded in 2012 as a simple Bitcoin wallet and exchange, Coinbase progressively expanded from consumer retail trading into institutional custody (2019), then went public in 2021 as the leading US crypto exchange. From 2023 onward the company pivoted toward being a crypto infrastructure provider — launching Base (L2 blockchain), the Coinbase Developer Platform with embedded wallet/stablecoin/payments APIs, and USDC-backed lending via Morpho. The embedded finance angle crystallised with CDP: Coinbase now sells its own compliance, custody, payments, and stablecoin infrastructure to third-party businesses as a developer platform, competing directly with BaaS providers in the crypto-native layer.

Latest round: Direct Listing (IPO), April 2021
Recent developments
  • 2026-04Conditional approval · Corporate Decision 1370 · 2026-04-02 — Coinbase National Trust Company, national trust bank, OCC. Migrates institutional custody from the NYDFS-chartered Coinbase Custody Trust Company to a federal trust bank over the three-year de novo period. [charter] source ↗
  • 2025-04Coinbase increased Bitcoin-backed USDC loan limit to $1M (later $5M), reporting $130M in originations in 2025, powered by Morpho's onchain lending protocol. source ↗
  • 2026-04Nium announced live integration with Coinbase's payments infrastructure to power USDC stablecoin cross-border payouts, treasury management, and card programs globally. source ↗
  • 2025-12Updated Third Party Identity Verification Service Vendors list, confirming ongoing use of Jumio and Onfido for KYC/identity verification. source ↗
Acquisitions
The Clearing Company2025
Acquired a derivatives clearinghouse run by prediction-market veterans to power its expansion into regulated prediction markets.
Deribit2025
Acquired the leading crypto options exchange for ~$2.9B, becoming the global leader in crypto derivatives.
Liquifi2025
Acquired the token-management and cap-table platform to streamline token launches and compliance.
Spindl2025
Acquired the onchain advertising/attribution platform to build ad and growth infrastructure for its Base network.
Utopia Labs2024
Acquired the Utopia Labs team to accelerate onchain stablecoin payments within Coinbase Wallet and Base.
One River Digital Asset Management2023
Acquired the crypto asset manager One River Digital, rebranding it Coinbase Asset Management for institutional investors.
Bison Trails2021
Acquired the blockchain-infrastructure/staking platform for $450M+, later rebranded Coinbase Cloud.
Tagomi2020
Acquired the institutional digital-asset prime brokerage Tagomi, forming the foundation of Coinbase Prime.
Full dossier: Coinbase’s own stack, layer by layer →
Charter application · Conditional approval
Coinbase National Trust Company · National trust bank · OCC · New York, NY · filed 2025-10-03.
Conditional approval · Corporate Decision 1370 · 2026-04-02
Migrates institutional custody from the NYDFS-chartered Coinbase Custody Trust Company to a federal trust bank over the three-year de novo period.
OCC letter ↗
Who uses Coinbase
6 companies disclose Coinbase in their stack
Alto IraWhopMoovCitiNovattiAgentcard
Buyer mix · 6 of 6 classified
Infrastructure / Payments · 2Bank / National · 1Fintech / Investment · 1Infrastructure / Card issuing · 1Marketplace / Two-sided · 1
US · 5APAC · 1
What the disclosures say
Alto Ira
“Coinbase publicly lists Alto IRA as a customer at bankingembedded.com/companies/alto-ira (TIER 1 known-customer listing).”
Whop
“Added 2026-10-02 (Praxial Sept 2026 recap, re-verified): Per the same ToS-sourced analysis — every Whop neobank account gets a self-custodial wallet from Privy (acquired by Stripe in 2025); users can cash out via Coinbase Commerce; balances convert into USDT (Tether).”
Moov
“Added 2026-10-02 (Praxial Sept 2026 recap, re-verified): Moov integrated Coinbase's USDC stablecoin infrastructure (announced 2026-09-10) into its payments platform, reaching 1,000+ US community banks and credit unions with stablecoin payment acceptance, settlement, real-time funding, custodial wallets, and access to C…”
Citi
“Added 2026-10-02 (Praxial Sept 2026 recap, re-verified): Citi expanded its Coinbase collaboration (announced 2026-09-28): Coinbase Virtual Accounts use Citi's Virtual Account Wallet solution (bank-account-like functionality, incoming fiat auto-converted to stablecoins); Spring by Citi institutional merchants can accept…”
Novatti
“novatti.com/industry-partners lists BitPay (accepts Bitcoin and other cryptocurrencies) and Coinbase (digital currency wallet and platform) as payment provider partners.”
Agentcard
“Privacy policy header: 'WHAT DOES THIRD NATIONAL ("ISSUER") DO WITH YOUR PERSONAL INFORMATION?' Docs: 'AgentCard is moving its issuing rail to Rain (stablecoin-collateralized Visa) funded by a per-user Coinbase CDP wallet holding USDC on Base.' Homepage: 'network = Visa; lifecycle = single-use.'”
The complete buyer list and each company’s full embedded-finance stack are in the Embedded Finance Index report. Represent Coinbase? Claim this profile above to unlock your own full list.
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What Coinbase runs on · from its own dossier
The third-party providers Coinbase itself discloses, layer by layer — the vendor as a buyer. Distinct from the companies above that disclose Coinbase.
PSP
Checkout.com
Sponsor Bank
Cross River
BaaS
ClearBankCiti
Card Issuing
Pathward
Lending
Morpho
Insurance
OpenCover
FX / Payouts
Nium
Crypto / Stablecoin
MorphoSteakhouse Financial
KYC
Jumio
Full dossier with evidence for each layer →
Alternatives to Coinbase

Other Crypto / Stablecoin providers in the index, by the number of companies that disclose them. A count of public disclosures, not a ranking of the products.

Zero Hash25 buyers →Circle21 buyers →Bridge16 buyers →BVNK13 buyers →Tempo13 buyers →Fireblocks12 buyers →MoonPay10 buyers →Lightspark9 buyers →
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Ranked #14 of 57 in Crypto / Stablecoin — Embedded Finance Index 2026
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Coinbase — frequently asked

Which companies use Coinbase?

6 companies are linked to Coinbase in the Embedded Finance Index 2026, through their own public disclosures or Coinbase's published customer list, including Alto Ira, Whop, Moov, Citi, Novatti and Agentcard.

What does Coinbase do?

Coinbase is an embedded-finance provider in Crypto / Stablecoin and Crypto Custody. It ranks #14 of 57 Crypto / Stablecoin providers by linked companies.

Is Coinbase a bank?

Coinbase has applied for a national trust bank charter for Coinbase National Trust Company with the OCC. Status: conditional approval (2026-04-02).

Is Coinbase publicly traded?

Yes. Coinbase trades as NASDAQ:COIN, listed since 2021.

What are the alternatives to Coinbase?

The most-named Crypto / Stablecoin alternatives to Coinbase are Zero Hash (25 buyers), Circle (21 buyers), Bridge (16 buyers), BVNK (13 buyers), Tempo (13 buyers) and Fireblocks (12 buyers).

Who founded Coinbase?

Coinbase was founded by Brian Armstrong and Fred Ehrsam and is founded in 2012, headquartered in San Francisco, California, United States.

How much funding has Coinbase raised?

Coinbase has raised $847.3M (pre-IPO venture) in total.

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