Fireside Chat with Shan Aggarwal (Coinbase) and Haseeb Qureshi (Dragonfly) at ETHConf

Sun, Aug 2, 2026, 12:00 AM

In this fireside chat, Haseeb Qureshi from Dragonfly sits down with Shan Aggarwal, Chief Business Officer of Coinbase, who oversees strategy, operations, commercial deals, and investor relations, and started Coinbase Ventures in 2018. Shan explains that Coinbase Ventures invests off Coinbase's balance sheet without outside LPs, giving it flexibility to take 20 year horizons, flex across any stage or sector, and serve as a conduit to the rest of Coinbase for partnerships and eventual M&A. On conflicts of interest, he says information is firewalled within the Ventures team and no investment is tied to a listing. Referencing the crypto VC apocalypse and Jensen Huang's Anthropic regret, he notes that with late stage capital scarce, Coinbase can extend its balance sheet to support Series B through D companies. On Hyperliquid, Shan argues nearly every crypto company views Coinbase as a competitor, but Hyperliquid's self custodial traders differ from Coinbase's regulated customers, and Coinbase also runs infrastructure where partnering makes sense. On M&A, with over 40 acquisitions done, he says success comes down to integration: a consistent champion, a clear operational thesis, and cultural fit (joking that being on Teams is a red flag). He names Tagomi (2020) as his masterpiece, which became the foundation of Coinbase Prime just as corporate Bitcoin treasury demand exploded. As head of IR, he says institutions see Coinbase as the mature, compliant, diversified scale player, with roughly 50% of revenue from non-trading fees and agentic payments like X2X viewed as call options. On Base's missing token, he says decentralization will happen but a public company token is a one way door. He addresses the vibe shift against decentralization, favoring progressive decentralization that preserves execution speed. He places Clarity Act odds at 60 to 70%, notes Coinbase already operates compliantly without legislation, and closes by pitching Coinbase as full stack financial infrastructure for a tokenized future, citing strong fundamentals in stablecoins, RWAs, and payments uncorrelated with crypto prices. 00:00 Introduction 00:07 What a Chief Business Officer Does 00:48 Coinbase Ventures and Investing Without LPs 01:27 What Coinbase Can Do That Traditional VCs Cannot 02:35 Coinbase Ventures as a Conduit to Coinbase 02:55 How Coinbase Thinks About Conflicts of Interest 03:47 Information Firewalls Within Ventures 04:28 The Jensen Huang and Anthropic Story 04:49 The Crypto VC Apocalypse 05:44 Coinbase Writing Bigger Checks Than Others 06:05 The 2018 Origins of Coinbase Ventures 06:35 Filling the Late Stage Capital Gap 07:11 The Hyperliquid Relationship 07:42 Why Nearly Everyone Competes With Coinbase 08:37 Different Customer Segments and Infrastructure 09:24 The M&A Track Record: Over 40 Acquisitions 10:04 Why Integration Determines Success 10:20 Having a Consistent Champion for the Deal 11:02 A Clear Thesis and Operational Plan 11:43 Assessing Team and Cultural Fit 11:58 Why Being on Teams Is a Red Flag 12:34 The Tagomi Masterpiece Deal 13:36 Impeccable Timing and the Bitcoin Treasury Wave 14:19 The Foundation of Coinbase Prime 14:34 Becoming the Everything Exchange 14:55 What Institutional Investors See in Coinbase 15:41 Diversifying Beyond Volatile Trading Revenue 16:21 Agentic Payments and X2X as Call Options 16:53 Base and the Missing Token Question 17:39 Why a Public Company Token Is a One Way Door 18:20 The Vibe Shift Against Decentralization 19:21 The Downsides and Trade-offs of Decentralization 19:56 Why Users Choose Great Products 20:14 Progressive Decentralization as the Path 20:51 Positioning for a Possible Regulatory Reversal 21:38 Why Coinbase Is Optimistic on Clarity 21:58 Placing the Odds at 60 to 70% 22:31 How Coinbase Operates Without Legislation 23:13 The Malaise in Crypto and Why Buy Coinbase 23:40 Full Stack Financial Infrastructure for the Future 24:17 Why Strong Fundamentals Outlast Price Swings 24:52 Payments Uncorrelated With Crypto Prices 25:12 Closing _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ *ETHConf 2026* ETHConf is a 3 day event for founders, industry leaders, and builders who are excited about the possibilities of building on top of Ethereum. Connect with 2,000+ top innovators in crypto, finance, technology, and policy at our inaugural three-day event packed with showcases, demos, partnerships, and conversations shaping the future of the global economy. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ✅ *Follow ETHConf* X: https://x.com/ethconf Website: https://ethconf.com _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 🎟️ Get your early bird tickets for ETHConf 2027: https://ethconf.com/2027#tickets 🎤 View the full ETHConf 2026 Speaker Schedule: https://ethconf.com/schedule _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _