Unchained

Coinbase and Robinhood Are Converging, but Who Wins the Onchain Fintech War? - Ep. 864

Jul 8, 2025
Diogenes Casares, founder of Klyra Protocol, and Ryan Yi, an investment expert from Coinbase Ventures, dive into the fierce competition between Coinbase and Robinhood. They explore how both companies are transforming the fintech landscape with tokenized assets and their distinct strategies. Discussion includes liquidity challenges for Ethereum, the role of stablecoins, and how user engagement may determine dominance in the market. With insights into perpetual contracts and regulatory impacts, the future of onchain fintech looks more thrilling than ever!
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INSIGHT

Different Origins Shape Strategy

  • Coinbase is a crypto-first, full-stack platform serving retail and institutional clients.
  • Robinhood started as an equities broker and is now adding crypto capabilities for their users.
INSIGHT

Coinbase vs Robinhood: Who Will Win the Onchain Financial Future?

Coinbase and Robinhood are converging into onchain fintech but with starkly different strategies and user bases. Coinbase is a crypto-native powerhouse offering full-stack services from retail to institutions, leveraging its infrastructure like Base to create developer-centric ecosystems and expand crypto usage through tokenization and lending.

Robinhood, rooted in retail brokerage, is leveraging its new Robinhood chain to offer tokenized stocks and derivatives primarily in Europe as a strategic foothold for geographic expansion. They emphasize user experience, control, and regulatory compliance, with ambitions to grow their crypto trading business and custody scenarios.

Key differentiators include:

  • Coinbase’s massive crypto flows, USDC stablecoin integration, and broad B2B offerings.
  • Robinhood’s strength in retail trader engagement, gamification, and control over trading environments.

The race will be decided by who better leverages onchain financial services, stablecoins, tokenization, and social/gamified finance to grow assets and user engagement.

INSIGHT

Contrasting Chain Designs and Focus

  • Robinhood's chain acts like a 'Fed chain' with strong KYC and permissioning.
  • Base allows more pseudonymous interactions, reflecting fundamentally different approaches.
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