Crypto News: Coinbase to Launch New ‘DeFi Mullet’ Offering in Brazil Soon

Coinbase is launching its DeFi Mullet platform in Brazil, allowing users to trade over 10,000 tokens without leaving the app.

Coinbase is expanding its decentralized exchange (DEX) trading platform, “DeFi Mullet,” to Brazil. This follows the platform’s initial launch in the U.S. in October 2024. 

The service will allow Brazilian users to trade over 10,000 tokens without leaving the Coinbase app. This move signals Coinbase’s commitment to broadening its reach in the Latin American market.

DeFi Mullet Expands to Brazil

DeFi Mullet makes decentralized finance (DeFi) trading easier by integrating popular DEXs like Uniswap and Aerodrome. 

Users can access these platforms directly within the Coinbase app, avoiding the complexity of navigating separate sites. This integration is powered by Coinbase’s Ethereum Layer 2 network, Base, which helps increase scalability and transaction speeds.

The platform also offers users the ability to trade without paying network fees by using a self-custody wallet. This ensures that traders maintain full control over their assets, a feature that aligns with the decentralization ethos of the crypto world. 

By removing the complexity of using DeFi protocols, Coinbase aims to make the process more accessible to both beginners and experienced traders alike.

Coinbase has not yet announced the exact launch date for DeFi Mullet in Brazil. However, the news suggests that the company is preparing to introduce this service soon. 

Given Brazil’s population of over 215 million people, Coinbase sees the country as a prime market for its DeFi expansion.

Brazil’s New Crypto Regulations

Coinbase’s DeFi Mullet rollout coincides with Brazil’s evolving crypto regulatory landscape. 

The country has recently introduced regulations that bring crypto companies under banking-style oversight. These new rules include classifying stablecoin transactions and some self-custody wallet transfers as foreign-exchange operations.

Brazil is also adopting the Crypto-Asset Reporting Framework, a global tax reporting standard. This move is expected to improve transparency and provide clearer guidelines for crypto transactions. 

As a result, Coinbase will need to ensure that its operations in Brazil align with these new regulations while offering its services.

Despite the tightening of regulations, the Brazilian crypto market continues to grow. This makes it an important area for Coinbase to target as it expands its services globally. 

The company’s DeFi Mullet offering could meet the demand for accessible and regulated crypto trading options in Brazil.

Related Reading: Coinbase Launches Business Platform in Singapore

Coinbase’s Broader Vision for an “Everything App”

DeFi Mullet is part of Coinbase’s broader strategy to become an “everything app” for crypto. 

The goal is to provide a seamless platform where users can trade a wide range of assets, including tokens, stablecoins, and even tokenized stocks. Coinbase has already made strides in this direction, with growing adoption of its Ethereum Layer 2 network, Base, in Q3 2024.

The “everything app” concept also includes features that advance stablecoin adoption, such as Circle’s USDC. 

Coinbase aims to create a comprehensive ecosystem that allows users to engage in a variety of crypto-related activities without switching platforms. This vision also involves providing 24/7 access to various financial products.

Coinbase’s plans to launch DeFi Mullet in Brazil and beyond show that it is committed to becoming a one-stop platform for crypto trading. The company’s focus on simplicity, security, and accessibility could help it stand out in an increasingly competitive market. 

If successful, this strategy could help Coinbase attract more users in both established and emerging markets.

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