Coinbase Acquires Opyn Leaders to Boost Onchain Markets

Andrew Leone, former CEO of Opyn, and Joe Clark, former Head of Research at Opyn, have been acquired by Coinbase to join its Onchain Markets team as of July 11. This move aims to leverage their DeFi expertise within Coinbase’s institutional sector.

The acquisition underscores Coinbase’s focus on expanding its DeFi offerings, notably in onchain derivatives and product development. This decision emphasizes institutional-grade assets under Coinbase’s Base layer two solutions.

Strategic Acquisition Strengthens Coinbase’s DeFi Portfolio

Coinbase has strategically acquired Opyn CEO Andrew Leone and Research Lead Joe Clark, integrating their expertise into Coinbase’s Onchain Markets team. Opyn is recognized for pioneering the first DeFi options protocol, introducing innovations like Power Perpetuals and Squeeth. This acquisition aligns with Coinbase’s model to build, acquire, partner, or invest based on high-impact opportunities.

The addition of Leone and Clark marks a notable step towards expanding Coinbase’s product suite in DeFi derivatives. Their onchain technical proficiency and experience in traditional market structures are expected to enhance the development of Verified Pools and hybrid onchain market offerings, particularly on Coinbase’s Base Layer 2 platform.

The Opyn team has been building in DeFi since the early days; they were the first DeFi options protocol, the inventors of Power Perpetuals, and the team behind Squeeth. The team brings a rare combination of deep onchain technical expertise, strong understanding of traditional market structure, and hands-on experience building decentralized products from the ground up.

While no immediate shifts have been reported in cryptocurrency values or token metrics, the market is responding with anticipation. Industry observers expect that the move will likely bolster Coinbase’s development capabilities in regulated DeFi markets. The integration of compliance insights from Opyn’s previous CFTC settlement also enhances Coinbase’s regulatory strategy.

Opyn Insights Guide Coinbase’s Regulatory Advancements

Did you know? Opyn’s settlement with the CFTC in 2023, despite involving a $250,000 penalty, provided critical compliance insights that could significantly impact the regulatory robustness of Coinbase’s DeFi strategies.

According to CoinMarketCap, Ethereum (ETH) is valued at $2,977.49 with a market cap of $359.43 billion, reflecting a 5.56% increase over the past 24 hours. The 24-hour trading volume surged by 55.67%, reaching $43.19 billion, showing vibrant market activity. The circulating supply stands at 120.71 million as of July 11, 2025.

Coincu’s research highlights that utilizing Opyn’s derivatives expertise might enable Coinbase to broaden its onchain market influence. This could also align Coinbase more closely with regulatory norms, further integrating decentralized finance’s innovative elements into compliant structures.