Coinbase's S-1 document has been published publicly. Although the document primarily discusses the exchange's upcoming share offering, it also considers the possibility of a native cryptocurrency.
Coinbase mentions native tokens
Coinbase mentions a native blockchain token in various sections. More clearly, the company suggests that it could "issue additional shares of equity capital, including in the form of blockchain tokens, in connection with loyalty or customer reward programs."
More specifically, the firm says that it has "authorized the issuance of blank check shares", which its board of directors could use to "issue shares of our capital stock in the form of blockchain tokens, implement a rights plan of the shareholders or issue other shares of preferred shares or ordinary shares ”.
In context, those comments don't necessarily suggest that Coinbase intends to introduce its own token. Rather, they suggest that you are considering the consequences of doing so.
Coinbase believes that issuing a token would affect its share price. The firm notes that if it issues a token, that decision could "result in substantial dilution for our existing shareholders" and cause share prices to decline or become volatile, among other problems.
Is a Coinbase token likely?
Despite Coinbase's concerns, the idea that the exchange could introduce its own cryptocurrency is not entirely out of the question.
Many leading crypto exchanges have their own assets, including Binance (Binance Coin), Huobi (Huobi Token), Gemini (Gemini Dollar), KuCoin (KuCoin Token) and OKEx (OKB Coin).
In fact, Coinbase is already heavily involved in coin stable USD Coin (USDC). He co-founded the Consortium of the Center that produces the coin; as well distribute rewards to USDC holders who store their balance on the exchange. In light of those facts, a new cryptocurrency from Coinbase for retail purposes seems somewhat unlikely.
It is somewhat more plausible for the company to tokenize its shares for institutional trading, given that it does not yet have an asset for that purpose, although even this is uncertain.