Coinbase Global Inc. has hired the core leadership of Opyn, a decentralized-finance derivatives platform, as it accelerates efforts to move more of its trading business onto public blockchains. The so-called acqui-hire brings Opyn co-founder and chief executive Andrew Leone and head of research Joe Clark into Coinbase’s Onchain Markets unit, the company said in a statement Friday. The deal is strictly a talent acquisition and does not include Opyn’s protocol or other assets. Leone and Clark are expected to focus on building crypto-native derivatives products and "Verified" liquidity pools for institutional clients, according to Coinbase. Financial terms were not disclosed. Founded in 2019, Opyn launched the first DeFi options protocol and later introduced power perpetuals known as “Squeeth.” The company was among several platforms that settled unregistered-trading allegations with the U.S. Commodity Futures Trading Commission in 2023. The move marks Coinbase’s sixth transaction of 2025, following earlier pickups of browser company Roam, attribution platform Spindl, the Iron Fish team, Deribit, and Liquifi, as the Nasdaq-listed exchange looks to deepen its on-chain product lineup amid rising demand for 24-hour, automated markets.