Coinbase to roll out its new DeFi Mullet offering in Brazil

Coinbase is making waves by extending its decentralized exchange (DEX) trading platform, known as DeFi Mullet, to Brazil. This rollout occurs approximately six weeks after the feature was first introduced in the United States. The DeFi Mullet will enable Brazilian users to access over 10,000 tokens directly within the Coinbase app, enhancing their trading capabilities significantly.

Coinbase expands DEX trading to Brazil with DeFi Mullet

The DeFi Mullet, powered by Coinbase’s Ethereum layer 2 solution called Base, aims to simplify the often complex world of decentralized finance (DeFi) for users. Launched in the US on October 8, it allows users to trade on well-known DEXs such as Aerodrome and Uniswap without leaving the familiar Coinbase interface. This integration is designed to make DeFi more accessible to a broader audience.

Users benefit from a seamless trading experience with no network fees

One of the standout features of the DeFi Mullet is that users can trade without incurring network fees by utilizing a self-custody wallet. This aspect ensures that users maintain full control over their tokens, which is a significant advantage in the crypto space. While Coinbase has not specified an exact launch date for this feature in Brazil, the anticipation is building among local users eager to leverage the new trading opportunities.

New regulations shape the crypto landscape in Brazil and beyond

The launch of the DeFi Mullet comes at a crucial time as Brazil introduces new regulations that bring crypto companies under more stringent oversight, akin to traditional banking. These regulations classify stablecoin transactions and certain self-custody wallet transfers as foreign-exchange operations. As Brazil’s population of 215 million grows increasingly interested in cryptocurrency, these regulatory changes could significantly impact how crypto is used and taxed in the country.

Coinbase's ambitious vision includes becoming an everything app for crypto

Coinbase envisions its DeFi Mullet as a stepping stone towards becoming an “everything app” for its more than 100 million users. This strategy includes promoting stablecoin adoption through Circle’s USDC, offering tokenized stocks, prediction markets, and facilitating early-stage token sales. In the third quarter, the company reported a notable rise in adoption across various sectors, including trading, payments, and lending, indicating its growth trajectory.

Moreover, Coinbase has demonstrated a commitment to building a robust Bitcoin (BTC) treasury, having added 2,772 BTC in the last quarter alone, totaling 14,548 BTC, valued at approximately $1.3 billion. Despite these advancements, Coinbase’s stock has faced challenges, reflecting broader market trends. Over the past month, shares have declined by 25.2%, trading at $257.29, while other crypto-related stocks have similarly struggled.

As the cryptocurrency landscape continues to evolve, Coinbase's latest move to launch the DeFi Mullet in Brazil represents a significant step in its ongoing efforts to enhance user experience and expand its market reach.