Coinbase has integrated the Jupiter exchange directly into its on-chain stack, enabling trading of Solana-based assets on its platform. Under the new integration, users will be able to deploy their existing Coinbase balances and payment methods to trade Solana tokens from their self-custodial wallets.
According to Kobeisi’s letter, Coinbase is now leveraging Jupiter’s on-chain technology to provide instant access to Solana-native assets rather than the time-consuming manual process of listing tokens on a central order book. Jupiter acts as the execution engine, aggregating liquidity across Solana DEX, settling trades on-chain, and optimizing trade routes.
Coinbase, on the other hand, provides distribution, on- and off-ramps, UX, and gives users access to more Solana tokens than are available through a centralized list. The collaboration between Coinbase and Jupiter will significantly expand the reach of Solana-based tokens into the retail market. Rather than competing with Solana DeFi primitives, Coinbase embeds them.
Jupiter president says there are no additional complications in the integration
BREAKING: Coinbase ($COIN) announced that it has integrated Jupiter Exchange directly into its on-chain trading stack.
This means that millions of Solana-based tokens can be traded on Coinbase for the first time ever through Jupiter.
Rather than a slow manual process… pic.twitter.com/SX8dJNt2Qi
— Kobeissi Letter (@KobeissiLetter) January 28, 2026
Mr. Xiao Xiao Zu, president of Jupiter Corporation, recently said, claimed This integration will give millions of Coinbase users direct access to the full scope of the Solana network on-chain without further complicating the user experience. Coinbase users can leverage Jupiter’s price discovery, deep liquidity, and routing engine to perform behind-the-scenes Solana-native token trades across the network.
Zhu also said that the partnership with Jupiter further validates Coinbase’s infrastructure and ability to serve millions of users on-chain and at scale. He said the decision follows the company’s integration of its trading API with Uniswap Labs and Robinhood. Jupiter further added that he believes his company’s technology is the gateway to the next era of adoption, and this partnership is proof that on-chain finance is ready to support mass market demand.
However, Blockworks Research also notes that the Coinbase-Jupiter merger is less a single partnership and more about the major exchanges leveraging DeFi infrastructure to expand market access to Solana’s trading stack. Jupiter generates nearly $4 million in monthly revenue from its “Ultra” aggregator product, and this integration presents an opportunity to further monetize that.
According to Blockworks Research, the logic behind the Coinbase and Jupiter integration is that on-chain trading eliminates the long lead times associated with CEX listings. This creates a market around existing liquidity, expanding both Coinbase and Jupiter by increasing potential revenue and trading volume. Jupiter is already Solana’s spot trading hub, with monthly spot trading volume of about $50 billion. Meanwhile, Coinbase’s average monthly spot trading volume is around $80 billion to $100 billion.
Coinbase completes 6 M&A transactions in 2025
media coverage show Coinbase completed six M&A transactions in 2025, including the $2.9 billion acquisition of Derbit. Kraken also completed five mergers, acquiring Small Exchange for $100 million and NinjaTrader for $1.5 billion. Meanwhile, Ripple completed four acquisitions, including the acquisition of Hidden Road for $1.25 billion.
Crypto-related M&A volume reached approximately $10.7 billion in November last year, primarily due to Naver’s $10.3 billion acquisition of Dunamu. November’s surge follows a strong third quarter of 2025, doubling the previous record of $5 billion and a 30x increase compared to the same period in 2024.
On the other hand, the total amount of M&A transactions excluding the acquisition of Dunamu was approximately $8.6 billion in 133 deals by November 2025. M&A value jumped from $470,000 in the first quarter of 2021 to approximately $4.2 billion in the fourth quarter of 2025, an increase of almost 9,000 times. The momentum continued until December, when Paribu acquired CoinMENA for $240 million, according to reports late last year.
