Financial Super App Convergence: Coinbase and Robinhood's Shared Vision

Coinbase and Robinhood, two major players in the financial industry, have been making significant strides towards a common goal: becoming a financial super app. While their initial approaches differed, with Coinbase focusing on cryptocurrency infrastructure and Robinhood building on traditional finance, they are now converging in key areas.

Recent quarterly results for both companies highlight this convergence. Coinbase's Subscription & Services (S&S) revenue grew 5.5 times from its 2021 cycle peak to $2.8 billion in 2025, indicating a broadening of revenue foundations across stablecoins, custody, and blockchain rewards.

Meanwhile, Robinhood's Average Revenue Per User (ARPU) increased by 27% year-over-year to $191, driven partly by its fastest-growing 'Other Trading Revenue' line, which includes prediction markets. The company's prediction market revenue reached $300 million in annualized revenue and $12 billion in contract trading volume in just one year.

The companies are also making progress in tokenization and private markets. Coinbase is issuing tokenized equities in-house and forging regulatory relationships to enable onchain bonds and securities, while Robinhood is opening up trading in tokenized shares of private companies through its Ventures platform.