On November 19, 2025, Coinbase expanded its decentralized exchange (DEX) trading feature, known as "DeFi Mullet," to users in Brazil, marking a significant step in its Latin American growth strategy.
The rollout enables Brazilian customers to trade directly on popular DEXs like Uniswap and Aerodrome through the Coinbase interface, dramatically increasing access to thousands of tokens beyond traditional centralized listings.
This move aligns with Coinbase's "everything app" vision, integrating centralized trading, payments, and decentralized services into one platform. Powered by Base, Coinbase's Ethereum layer 2, the feature abstracts DeFi complexities and allows fee-free trading via self-custody wallets.
The launch coincides with Brazil's new regulatory framework, which mandates licensing for crypto firms, reporting of international transfers, and anti-money-laundering compliance. Foreign platforms, including Coinbase, must establish local entities, and Coinbase has committed to meeting these requirements.
Building on earlier integrations like Pix for Brazilian Real deposits since March 2023, the DEX feature bridges traditional finance with on-chain liquidity. Coinbase plans to extend support to Solana-based assets soon, reinforcing Brazil as a key market in its global expansion amid Latin America's rapid crypto adoption.
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