Coinbase Taps Centrifuge as Base's Main Tokenization Partner

Coinbase has selected Centrifuge as its main tokenization partner for Base and made a strategic investment in the startup, according to Centrifuge CEO Bhaji Illuminati. The partnership will position Centrifuge as the go-to platform for converting traditional assets such as exchange-traded funds, credit funds, structured products, and other real-world assets into blockchain-based, tradable assets on Base, Coinbase’s incubated blockchain.

Partnership Selection and Rationale

Base Head of DeFi Zachary Frey stated: “We conducted a comprehensive evaluation of the tokenization landscape. Centrifuge stood out for its scalable infrastructure, institutional focus, and long-term vision for bringing all assets onchain.” The terms of the deal were not disclosed, though Illuminati noted that Coinbase has “historically made strong bets on teams that align to the long-term vision they have.”

Centrifuge provides tooling for tokenization, structuring, and yield APIs, along with compliance tools and connections to DeFi protocols, creating an end-to-end stack designed to abstract away complexity while maintaining institutional standards, according to the announcement.

Distribution Strategy and Product Focus

Anil Sood, CSO and CGO of Centrifuge, said: “By integrating our tokenization infrastructure with Coinbase’s distribution across retail, institutional, and developer channels, we’re establishing the foundation for high-quality assets to scale across their ecosystem with credibility and compliance.”

The partnership is “starting with focused, high-demand products first,” according to Illuminati, specifically targeting “the most recognizable and highest-demand ETFs,” with plans to expand from there. When asked whether Centrifuge might tokenize Coinbase’s COIN stock, Illuminati responded: “That’s a goal of ours, certainly.” She added that long-term, traditional financial products should be accessible through onchain rails, but markets require liquidity and distribution to function effectively.

Base’s Current RWA Landscape

According to RWA.xyz, Base currently holds approximately $240 million in real-world asset value on the network, excluding stablecoins, ranking 14th by value ahead of Aptos and behind Mantle. Base is the most active Ethereum Layer 2 by transaction count, according to the article.

Deepening Ties and Centrifuge’s Evolution

This partnership represents a continuation of Coinbase and Centrifuge’s existing relationship. Last year, Centrifuge launched the first-ever licensed onchain S&P 500 index fund, the Janus Henderson Anemoy S&P 500 Index Fund (SPXA), on Base, alongside its institutional-grade strategies JAAA and ACRDX.

Coinbase Ventures participated in Centrifuge’s $4 million strategic funding round in 2022 and backed its $15 million Series A in April 2024. As part of the Series A, Centrifuge announced plans to build RWA lending markets on Base.

Founded in 2017, Centrifuge has become one of the top tokenization platforms, with institutional relationships including Apollo, Janus Henderson, and S&P Dow Jones Indices. In recent years, the company has launched a modular white label offering, an RWA Launchpad, and compliant issuance tools. Centrifuge has also expanded its multi-chain offerings, including a recent native deployment on Monad.

Sood concluded: “We view Coinbase as a long-term partner in bringing institutional capital onchain.”