Crypto exchanges are quietly remaking themselves into the new distribution layer for crypto — not just places to trade, but the primary portals for payments, on‑chain apps, yield products, NFTs and more, according to a new Delphi Digital report. The firm argues the industry is entering an “aggregation era” in which real power shifts away from base protocols and toward whoever owns the first point of contact: the app where users log in, move money and discover products.
Delphi says that dynamic is driving two competing design philosophies. On one side is the monolithic “super app” model inspired by Asian fintech like WeChat — one dense interface offering “infinite utility.” Binance is held up as the clearest example: what started as a trading venue now bundles spot and derivatives markets, Earn products, lending and staking, Binance Pay, a Web3 wallet and institutional services into a single platform.
On the other side is a federated “constellation” approach, exemplified by Kraken. Rather than forcing every user into one crowded UI, Kraken is unbundling front‑end experiences — niche apps such as Inky for memecoin entertainment, Krak for remittances and stablecoin yield, and Kraken Pro for classic trading — while rebundling liquidity, custody and identity behind the scenes. The result: diverse consumer experiences riding on a single distribution rail.
Delphi notes other major players are moving toward the same role even if they reject the “super app” label. Coinbase is deepening smart wallets, on‑chain discovery, staking and payments to act as a regulated, consumer‑friendly hub for both trading and Web3 access. OKX, Bybit and others are coupling centralized trading with in‑app Web3 wallets, NFT marketplaces and DeFi access to surround their existing user bases with on‑chain rails.
Beneath product launches, Delphi says, is a higher‑stakes battle: who controls discovery for third‑party apps and protocols, and how regulators will treat these platforms. A single all‑in‑one app concentrates convenience — and regulatory risk — in one place. A federated model spreads user interfaces while keeping control of the plumbing. Whichever design wins could determine who becomes crypto’s default distribution layer for the next hundred million users, and under what terms they enter the ecosystem.
For industry watchers, the report reframes recent moves — from Binance’s expanding payments and custodial features to Kraken’s specialist front ends and Coinbase’s smart wallet push — as strategic plays in this fight for user relationships and distribution. The outcome will shape not only UX and product discovery, but also how regulators approach responsibility and oversight in crypto’s next growth phase.
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