Coinbase Launches DeFi Mullet in Brazil
Coinbase is set to launch its decentralized trading platform, known as “DeFi Mullet,” in Brazil. This offering will grant Brazilian users the ability to access thousands of tokens directly through the Coinbase app without needing to engage with complex decentralized finance (DeFi) protocols. The product, which operates on Coinbase’s Ethereum layer 2 network called Base, initially debuted in the United States on October 8.
According to Coinbase, its DEX integration allows users to trade on well-known decentralized exchanges (DEXs) such as Uniswap and Aerodrome while maintaining the user-friendly interface they are accustomed to on Coinbase.
Users can also avoid network fees by employing self-custody wallets, thus keeping full control of their assets. However, Coinbase has not confirmed the exact launch date for this feature in Brazil.
Regulatory Changes in Brazil
This expansion comes in light of new regulatory changes in Brazil, which now subjects cryptocurrency businesses to oversight akin to that of traditional banks. These regulations include classifying certain stablecoin transactions and self-custody wallet transfers as foreign-exchange activities. With a population of approximately 215 million, Brazil is also reportedly considering implementing a tax system for crypto-related international transactions to comply with the Crypto-Asset Reporting Framework that over 70 countries have agreed upon.
Coinbase’s Vision and Growth
The introduction of DeFi Mullet aligns with Coinbase’s ambitions of evolving into an “everything app”—a platform where its vast user base of over 100 million can effortlessly trade diverse assets anytime and from anywhere. This strategy aims to bolster stablecoin usage, leverage Circle’s USDC, and facilitate new financial innovations, including tokenized stocks and prediction markets.
In the third quarter, Coinbase reported a significant increase in the usage of its platform, focusing on trading, payments, lending, and social applications. It also introduced new features such as Flashblocks, which expedite transaction confirmations to just 200 milliseconds.
Further underscoring its growth, Coinbase has been amassing Bitcoin, with 2,772 BTC added to its holdings, bringing its total to 14,548 BTC valued at roughly $1.3 billion.
Financial Performance
The company enjoyed a significant spike in profits, reporting a net income increase to $432.6 million over the previous year, with revenue climbing to $1.9 billion—an impressive 55% rise from the same quarter last year. Nevertheless, with a broader market correction underway, Coinbase (COIN) shares have experienced a downturn, currently at $257.29, reflecting a 25.2% decrease over the past month.
In contrast to its previous highs, COIN remains at nearly the same level it held at the beginning of 2025, while other crypto stocks like MARA Holdings and Strategy have seen steeper declines of 33.8% and 35.6%, respectively.
