The Milk Road Show Why Smart Money Is Choosing Coinbase: It’s More Than Just Crypto Now w/ John D’Agostino
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Dec 18, 2025 
In this engaging discussion, John D'Agostino, Head of Strategy at Coinbase Institutional, shares his insights on how Coinbase is evolving into an 'everything exchange' for institutions. He explains the critical role of liquidity and margin, and reveals how products like lending and prediction markets are catering to institutional needs. John also addresses market volatility, the importance of price discovery, and the emerging financial infrastructures of Solana and Base. He sheds light on global crypto adoption and challenges traditional finance with innovative tokenized models.
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Exchanges Are Foundational Infrastructure
- Exchanges are critical economic infrastructure because price discovery powers markets and liquidity.
- John D’Agostino says Coinbase aims to be the "everything exchange" to unify assets and rails under one platform.
Win Institutions With Liquidity And Margin
- Institutions prioritize liquidity and margin utilization above yield on cash when choosing trading venues.
- Offer unified cross-margin and low-friction markets to attract institutional flow, John D’Agostino advises.
Model Big Drawdowns For Volatile Assets
- Account for regular large drawdowns when trading volatile assets; plan risk parameters accordingly.
- John D’Agostino warns institutional managers who don't model ~30% drawdowns aren't doing their homework.