Everything under one loginRound-the-clock trading is one part of the plans exchanges have for traditional assets. Coinbase and Binance want customers to trade crypto, stocks and other products through one account, a model both have described as an “everything exchange” or financial super app.Coinbase is preparing to offer U.K. customers equities and derivatives alongside crypto after securing investment-services authorization from the Financial Conduct Authority under rules based on the Markets in Financial Instruments Directive, or MiFID.The authorization allows Coinbase to offer traditional shares to retail customers and crypto, equity and commodity perps to eligible institutional and advanced traders, the company…

The obvious objection is that this is leveraged speculation in new language, and that traditional markets keep their frictions for good reasons. Both points have force. A funding rate is not a substitute for the price discovery that settlement enforces, and continuous leverage on volatile assets concentrates risk in ways periodic markets do not. But those are arguments for building the structure carefully, not for assuming it will not be built. The demand is already here, and it moves toward the venue that offers universal access to global assets, whether stocks, crypto or FX.There is one place crypto’s progress this…

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