Coinbase has launched its decentralized exchange (DEX) service, dubbed "DeFi Mullet," for customers in the United Kingdom. The service, which operates on Coinbase's proprietary Ethereum Layer 2 network, Base, allows UK users to trade directly from self-custodied wallets while accessing decentralized liquidity pools from protocols like Uniswap and Aerodrome.
In an interview with DL News, Coinbase UK CEO Keith Grose emphasized the strategic importance of the UK, calling it the company's "most important market outside of the US" and a "cornerstone" for its international operations. Grose stated the launch aims to demonstrate to UK regulators that DeFi can be safe when managed properly. The expansion is part of Coinbase's broader strategy to become an "everything exchange," offering a wide range of services from traditional assets to on-chain products.
The rollout will significantly increase the number of tradable assets for UK users on Coinbase, from approximately 300 to millions, primarily those native to the Base network. The company plans to extend the service to other networks like Solana in the future. The "DeFi mullet" concept refers to providing an easy, Coinbase-like user experience at the front end while enabling decentralized finance operations in the background.
Coinbase's UK launch follows previous deployments in the United States and Brazil. The company is engaging with UK regulatory bodies, including the Financial Conduct Authority (FCA), as part of a broader regulatory strategy. Grose indicated that multiple new services are planned for the UK market throughout the year, following the pattern of US launches.
