Money20/20: Coinbase’s UK CEO on Crypto’s Next Growth Wave

Crypto has moved far beyond its early years of speculation and experimentation.

Across markets, the focus is now on how digital assets can become part of the everyday plumbing of financial services: faster cross-border payments, tokenised capital markets and new ways for institutions and consumers to move value.

And, with regulatory frameworks tightening, stablecoins are gaining traction.

On top of this, crypto is increasingly embedded in traditional portfolios through ETFs and retirement accounts.

Coinbase is one of the most visible players in the next phase of crypto’s development. 

Speaking with FinTech Magazine at Money20/20, Keith Grose, Coinbase’s UK CEO, says businesses that span consumer, institutional and blockchain-led operations while pushing for a regulated environment that gives mainstream players confidence to participate.

“We’re the world’s most trusted cryptocurrency exchange,” Keith says. “This is a place where a lot of people first get started with buying their first crypto or get introduced to the space.

“We offer prime brokerage services, custodian services, white label trading services for lots of institutions. There’s a lot behind the scenes besides the Coinbase app, which is how most people know us.”

The need for regulation for market infrastructure

Keith’s view is that mainstream adoption will not come from hype, but from regulation that gives institutions confidence to participate. 

The UK’s crypto licensing regime, for example, is now taking shape, with the FCA saying crypto will be regulated from October 2027 and that firms will be able to start applying for authorisation from September 2026. The regime hopes to support responsible innovation, open markets and stronger consumer protection.

This mirrors Keith’s argument for why the market is still in its early days: “There’s two things at play here and they’re tied to each other. First, you need regulation – and that’s coming in most places.

“Then you have the badge of approval. What that means is traditional financial services firms can also work in this space. Then people will start to see crypto showing up in the traditional banking apps, traditional brokerages apps and they’ll see players like Coinbase with the stamp of approval from regulators like the FCA – that trend is happening globally. 

“These two things together are going to be really good for crypto adoption.”

Stablecoins and payments

Stablecoins are central to Coinbase’s thesis on crypto adoption in Europe. 

Keith argues they will become a core payments mechanism because they can settle quickly and cheaply across currencies, which is especially relevant for cross-border transactions. 

This aligns with the company’s broader push into payments infrastructure, where speed and cost are the commercial levers that matter most to institutions.“You’re going to have payments that are instant in any currency that can settle at a fraction of the cost,” Keith says.

“I think a lot of cross-border payments – and just payments in general – are going to move into stablecoins over time.”

From asset class to operating layer

Coinbase is also betting that crypto will become more ordinary in portfolio construction and market infrastructure.

In light of this, Keith points to the growing acceptance of bitcoin and ether as investable assets, as well as the rise of ETFs and retirement-account access, as signs that the category is moving into the mainstream financial toolkit.

He says: “Really well-known, decentralised and big cryptocurrencies have just become an accepted part of an asset class. Now, more and more, you see financial advisors recommending people to hold 1%, 2% of their net worth in Bitcoin or Ethereum or some of the major crypto.”

He also sees a role for tokenisation across capital markets and for AI agents that need a way to hold and transfer value. 

That is where Coinbase wants to sit: as an enabling layer for institutions, platforms and eventually machine-to-machine commerce.