Coinbase Acquires Opyn Leaders to Advance Onchain Markets

Coinbase has acquired former Opyn executives Andrew Leone and Joe Clark to enhance its onchain markets strategy. The acquisition, finalized on October 23, 2023, aims to strengthen Coinbase’s leadership in decentralized finance (DeFi) products.

This strategic move by Coinbase underscores its commitment to expanding its DeFi capabilities. By integrating established experts from Opyn, known for pioneering DeFi derivatives, Coinbase prepares to accelerate the shift of more of its exchange business onchain.

Coinbase’s recent acquisition involves Andrew Leone and Joe Clark, previously leading Opyn, to spearhead enhancement in onchain derivatives and markets. These leaders bring valuable onchain technical expertise and a traditional market structure background, crucial for Coinbase’s intended growth. Harsha Bhat, VP of Engineering at Coinbase, stated, “The Opyn team has been building in DeFi since the early days; they were the first DeFi options protocol, the inventors of Power Perpetuals, and the team behind Squeeth. … The acquisition will help Coinbase accelerate its efforts ‘to bring more of our exchange business onchain.'”

While no direct funding or asset acquisition is involved, ETH and BASE could see increased focus in future onchain market initiatives. Coinbase’s layer 2 solution, BASE, is notably a platform of interest for the new hires.

The broader crypto community may see amplified development in Coinbase’s product offerings. Coinbase focuses on enhancing infrastructure for onchain transactions without impacting existing Opyn protocols. This strategy has potential implications for the crypto market landscape.

Analysts note potential expansion in Coinbase’s verified onchain product offerings, harnessing Opyn’s technical innovations. With anticipated growth in DeFi solutions and adaptations to US regulatory frameworks, Coinbase may further strengthen its position in both regulated and decentralized markets.