#361 - JB Graftieaux (Coinbase) - Crypto after MiCA: regulated, consolidated, decentralised

JB Graftieaux (0:01)

Let's be open, I think. MiCA is a high entry barrier for players that are willing to offer crypto assets. What it means is that, and I don't know exactly the number, obviously, but probably between 1000 and 3000 crypto companies have not been able to secure the MiCA licence over the last couple of months. So what we will see probably is a huge consolidation on the market. Simply by design or by default, it's because if you don't have the MiCA licence, you cannot operate crypto assets in the EU.

And what it means in practice is that there are still many companies applying, probably like more than 200, still in the process of applying, but probably between 1000 and 3000 that will not secure the licence, which means that consumer now are looking for business relationship with actors that are regulated like a MiCA company like us. So we see obviously every day new clients opening an account, transferring their assets and they want to work with obviously company that is compliant, regulated via MiCA and I think we will see even more consolidation over the coming months.

SPEAKER_2 (1:08)

Welcome to Finscale, the show that takes you to the heart of finance transformation. Every week, Solenne Niedercorn and her guests explore new initiatives shaping the future of the industry. Enjoy the show.

Solenne Niedercorn-Desouches (1:24)

Hello everyone, welcome on Finscale, I'm super happy to have today on the show JB Grafcio, the CEO of Coinbase in Luxembourg. Hi JB.

JB Graftieaux (1:33)

Hi Solenne. Hi everyone. Thank you for having me today.

Solenne Niedercorn-Desouches (1:36)

I'm super happy. It's the second time you're invited on the show.

JB Graftieaux (1:39)

That's right.

Solenne Niedercorn-Desouches (1:40)

You came, I guess it was three years ago when you were CEO of Bitstamp.

JB Graftieaux (1:44)

Yes, that's right.

Solenne Niedercorn-Desouches (1:45)

And Bitstamp has been acquired by Robinhood for 200 million US dollars. That's right.

So thank you again for coming. And we're going to talk about Coinbase. A lot to say about this company. I mean, many people know it, but not so much into details. But prior to that, can you take two, three minutes to explain to us why you decided to join the competitor of Bitstamp rather than taking one or two years off ?

JB Graftieaux (2:19)

As you mentioned, I've been a Group CEO of Bitstamp for some years. And we sold the business to Robinhood last year. So it was in 2025 And I've got the opportunity of joining Coinbase just after the sale of the business to Robinhood. So I've joined the company a year ago. That was back in July. So I am the CEO of the Coinbase Entity in Luxembourg. So Coinbase Luxembourg is the MiCA Entity. It's the crypto entity of Coinbase in Europe. And super excited to be part of the organization since one year, building our strategy and obviously developing our market share and commercial activity in the region.

So I've been in that seat for more than a year now and more than happy to talk to them. So thank you again.

Solenne Niedercorn-Desouches (3:07)

So Coinbase has been created by Brian Armstrong. Can you take maybe 10 minutes to explain to us where we come from and where we are now with Coinbase ?

JB Graftieaux (3:18)

Yeah, sure. So Coinbase will be celebrating our 15th birthday next year. So the company has been founded in 2012, as you mentioned by Brian Armstrong at the time. It's super interesting because when Brian built a business 15 years ago almost, Coinbase was a custody and over time, the company has evolved and of course we came from custody to trading activity.

Today, we are building our vision which is to enable economic freedom everywhere in the world. What it means in practice is that we are developing the Everything Exchange, and the Everything Exchange is to allow our customers, also retail but also institutions with Coinbase to trade crypto. But not only, you can also trade equities, you can trade derivatives. We are offering prediction markets. So with, let's say, the Coinbase experience with your wallet, your Coinbase accounts, today in some countries in the world, you can trade crypto but also derivatives, lending, you can do staking obviously, but also prediction markets. That's in 15 years, how the company has evolved from a custody business to a global multinational activity where we are promoting financial economic freedom to our customers in the world.

Solenne Niedercorn-Desouches (4:39)

And what are the main markets of Coinbase ?

JB Graftieaux (4:42)

Yeah, great question. So Coinbase is a US company. So by design, our core market has been the US since the inception of the company. And we are available and present everywhere in the world. So our international business today, it's also the EMEA obviously, and APAC and LATAM. So our platform is operating globally 24-7.