Coinbase has taken a new step in the innovation of onchain decentralized finance. On March 18, the exchange launched verified pools, a service that seeks to combine the compliance of traditional finance with the convenience and functionality of decentralized applications.

Verified pools allow customers to enter a curated decentralized finance environment, where all the participants are vetted and identified by Coinbase to reduce counterparty risk. The verification is managed through the exchange’s wallet verification services, and it is only available for customers in the U.S., Singapore, Netherlands, British Virgin Islands, Cayman Islands, and Channel Islands.

The service is built on top of Base, Coinbase’s incubated Ethereum rollup, and uses Uniswap as a smart contract provider. It also enlisted the help of Gauntlet, a risk management organization for decentralized exchanges, to monitor and maintain the health of these pools.

Coinbase remarked on several benefits of adopting verified pools for institutions and retail, including access to concentrated and secure liquidity providers while retaining control of these assets at any time.

Brian Armstrong, CEO of Coinbase, highlighted the possibilities of this new kind of pool for their customers. He stated:

We want to bring more assets onchain. Some of them, you can only trade with certain verifications under US law (maybe you need to be an accredited investor, or to be KYCed).

Armstorng’s statements directly hint at bringing different kinds of assets, maybe linked to stocks, to the platform. This would increase the user base for the exchange away from the traditional cryptocurrency crowd.

Verified pools are already available, with 5 pools involving bitcoin, ether, and stablecoins, accruing only a little over $600K in value locked at the time of writing. However, with more products and assets coming to the platform, it is poised to keep growing, as the exchange has touted it as the “next step in Coinbase’s commitment to advancing the onchain ecosystem.”

Read more: Coinbase’s Government Network Expands—145 US and 29 Global Entities Onboard

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