As global markets are shaken by geopolitical conflicts, Coinbase launched two strategic products at its annual summit: CFTC-regulated perpetual futures trading and a Bitcoin cashback credit card in collaboration with American Express.
Written by: Luke
Just today, as the market digests the shockwaves from Israel's airstrikes on Iran, global risk assets experienced a dramatic plunge. From Tokyo to New York, panic spread like wildfire, with gold and the dollar becoming the only safe havens. Bitcoin, once hailed as "digital gold," also fell victim, with its price dropping sharply.
In this atmosphere of anxiety and despair, Coinbase, the "face" of the American crypto world, unveiled two highly expansionary cards at its annual summit, one aimed at the heart of Wall Street and the other seamlessly integrated into the daily lives of American middle-class consumers.
These two cards are: CFTC-regulated perpetual futures trading and a credit card in collaboration with American Express that offers up to 4% Bitcoin cashback.
If we view these two pieces of news in isolation, people might interpret them merely as a routine expansion of product lines. However, when we zoom out and place them within the grand narrative of the post-ETF and post-FTX eras, we realize that this is not just a simple "new launch," but a meticulously planned "D-Day." Coinbase is attempting to completely rewrite the crypto financial landscape in the U.S. and globally through a carefully orchestrated "pincer movement."
"Reining in" the wild horse: Equipping the engine of the crypto world with compliant wheels
To understand the impact of Coinbase's move, we must first grasp the crucial role that "perpetual futures," this wild horse, plays in the crypto world.
Over 75% of the trading volume in the global cryptocurrency market comes from derivatives, and perpetual futures (or "perpetual contracts") are undoubtedly the king among them. Unlike traditional futures, they have no expiration date, allowing traders to hold positions for the long term and tightly anchor their prices to the spot market through a clever mechanism known as the "funding rate." This design, combined with its common high leverage characteristics, provides traders with great flexibility and capital efficiency, making it the ultimate tool for capturing market volatility. One could say that perpetual contracts are the "turbocharged engines" of the crypto trading world, filled with power, speed, and irresistible allure.
However, this powerful force has long existed outside the regulatory purview of the U.S. Due to its high-risk nature and complex financial structure, American investors wishing to participate often had to take risks by venturing to offshore trading platforms with ambiguous regulations. This not only led to capital outflows but also buried significant hidden dangers—the collapse of FTX was the most painful warning of this regulatory void risk. That industry earthquake, which affected the globe, left countless investors who had entrusted their assets to extralegal places with nothing, and made U.S. regulators realize that simply "blocking" is less effective than "guiding" effectively.
In this context, Coinbase's compliant perpetual futures have emerged. Essentially, it is a clever "reining in." The product retains the core appeal of perpetual contracts—"no expiration date"—but places its entire operational process, from margin requirements to clearing mechanisms, strictly under the CFTC's regulatory framework. This seemingly just moves the trading location from overseas back to the U.S., but its significance is profound.
The CFTC's endorsement acts like an "official certification" to the mainstream financial hall. It sends a clear signal to the market: perpetual contracts are no longer shadowy gambling tools but recognized financial derivatives that can be included in formal investment portfolios. This opens a long-desired door for institutional investors, hedge funds, and professional traders who hold substantial capital but are wary of offshore platforms. They can finally navigate this once "Wall Street wolf" in a compliant manner on familiar ground.
Coinbase's move is the realization of its declaration that it "does not intend to let cryptocurrency derivatives trading be a non-U.S. phenomenon." It not only hopes to "extradite" billions in trading capital back from overseas but also weakens the appeal of offshore competitors like Binance and Bybit in the U.S. market in a fundamental way. It has raised a flag representing "U.S. home ground" and "compliance safety" in the most core and active battlefield of the crypto world.
"The Trojan Horse": Quietly occupying the payment high ground with Bitcoin cashback
If the launch of perpetual futures is Coinbase's direct assault on the professional trading market, then the credit card in collaboration with American Express is a more subtle "flanking maneuver," a Trojan horse cleverly disguised as a daily benefit.
Cryptocurrency cashback credit cards are not a new concept; BlockFi has faltered, and Crypto.com has explored. However, what sets Coinbase's card apart is the strategic ambition reflected in its partnership and the cashback intensity.
First, the partner is American Express. Unlike the more general networks like Visa or Mastercard, Amex is known for its high-end clientele, high spending scenarios, and exceptional service experience. Choosing to collaborate with Amex is a declaration in itself: Coinbase's target users are no longer the early geeks and speculators but the strong, quality-of-life-focused, and open-minded American middle class. This card aims to elevate holding Bitcoin from a "subculture" behavior to a "status symbol" that matches high-end business travel and refined lifestyles.
Secondly, the up to 4% Bitcoin cashback is a highly impactful figure. In the traditional credit card market, a card offering 2% cashback is already considered a "super card," while Coinbase doubles that figure and offers cashback in Bitcoin, which has long-term appreciation potential. For users, this means that every time they swipe their card, whether buying a cup of coffee or paying a bill, they are passively adding to their crypto asset portfolio in an almost imperceptible way. This "spending equals investing" model will significantly lower the barriers and psychological resistance for ordinary people entering the Bitcoin world.
At a deeper level, the logic lies in the card's deep integration with the "Coinbase One" membership system. This card is not available to everyone but is an exclusive reward for members paying an annual fee of $49.99. This combination strategy is akin to Amazon's Prime membership system: by offering an attractive core benefit (Prime's free shipping, Coinbase card's Bitcoin cashback), users are willingly paying the membership fee, thus locking them into its ecosystem, and then continuously enhancing user stickiness through a series of value-added services like zero trading fees, staking rewards, and wallet gas subsidies.
The Bitcoin cashback is directly deposited into the user's Coinbase wallet, which is a brilliant touch. It ensures that the crypto assets generated from this card naturally settle within the Coinbase platform. These settled assets are not only the foundation of the platform's trading depth and liquidity but also valuable capital for future financial services (such as lending and wealth management). This "Trojan horse" not only brings a steady stream of high-quality new users to Coinbase but also unknowingly binds their spending behavior closely to Coinbase's balance sheet.
The final battle: From exchange to "JPMorgan of the crypto world"
When we place the "regular army" of perpetual contracts and the "special forces" of credit cards on the same strategic map, Coinbase's "pincer movement" becomes clear.
Internally, it achieves a perfect closed loop of user groups. Perpetual contracts target "fast money" that seeks high returns, high risks, and frequent trading; while the Bitcoin cashback card serves "slow money" that hopes for long-term holding, steady appreciation, and low-frequency operations. From the most aggressive leveraged traders to the most conservative passive investors, Coinbase aims to capture all crypto users across the spectrum, allowing them to find tools that meet all their needs on its platform, thus eliminating the need to go elsewhere.
Externally, it builds an unparalleled compliance barrier. Whether in the derivatives market or the payment sector, Coinbase has chosen to deeply collaborate with the top regulatory agency (CFTC) and the most prestigious traditional financial partner (American Express). This not only earns it unparalleled trust endorsement but also significantly raises the entry barriers for competitors. In the foreseeable future, any platform wishing to challenge Coinbase's position in the U.S. market must overcome these two mountains.
Looking ahead, rumors of Coinbase being included in the S&P 500 index and its collaboration with Shopify and Stripe to promote USDC payments point to the same endpoint: it is no longer satisfied with being a mere "cryptocurrency exchange." Its ambition is to become the "JPMorgan of the digital asset era"—a comprehensive financial giant that integrates investment banking (derivatives trading), commercial banking (payments and savings), and asset management (staking and wallet services).
The launch of this "double whammy" is a crucial step in this grand journey. It signifies that cryptocurrency in the U.S. is accelerating its integration from the margins to the center, from "alternative assets" to "mainstream allocations" at an unprecedented speed and depth. This battle initiated by Coinbase may not trigger drastic market fluctuations in the short term, but it is reshaping the underlying structure and rules of the entire industry. In the future crypto world, the focus of competition will no longer be on whose code is more decentralized, but on who can build the most solid, convenient, and irresistible bridge connecting the old and new financial continents.
And Coinbase has just laid down two of the heaviest and most critical cornerstones for this bridge with perpetual contracts and the Amex card.
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