Coinbase snags Vector, adds more tokens and cuts more apps

Coinbase Global Inc., the largest cryptocurrency exchange in the U.S., has just made a bold move: the acquisition of Vector, a decentralized trading platform built on Solana.

Summary

• ECB warns of financial instability: Alvaro Santos Pereira highlights risks from a potential market correction.
• Pereira stresses the need for central banks to preserve flexibility, keeping room for rate cuts if another shock hits the economy.
• After the week’s crypto downturn, the outlook remains uncertain, though markets steadied after hints of potential rate cuts.

Fortune first broke the news.

According to a blog post from Coinbase, the deal is all about turbocharging their decentralized exchange and making token listings as fast as a speeding transaction — well, almost.

In essence, Coinbase will integrate Vector’s token-tracking tech and its talented team into its system, expanding the digital asset universe for its users. However, there’s a catch—Vector’s mobile and desktop apps are officially on the chopping block.

So, if you were hoping to continue trading Solana-based (SOL) memecoins via Vector’s apps, you might need to find a new playground.

Not everything is changing. The Tensor Foundation, which runs the Tensor NFT marketplace, will keep its independence and continue to operate separately from Coinbase. As a result, Tensor fans won’t be dragged into the Coinbase universe just yet.

As for the financials? Well, Coinbase is keeping that info tighter than a cold wallet. There’s also no timeline for when all this tech integration will kick off or for exactly when Vector’s current apps will be turned off. But one thing’s for sure: Coinbase just got a little more decentralized.

This isn’t the first major announcement from Coinbase this week. The company launched Ethereum-backed loans for eligible U.S. users (excluding New York). The service allows borrowers to access up to $1 million in USDC without selling their ETH holdings.

Before that, tech researcher Jane Manchun Wong got word that Coinbase was developing a prediction markets platform built on Kalshi’s regulated infrastructure.