No, it doesn't. The crypto markets have plenty of rivals to coinbase that are purely software contraptions with no entity incorporated around them. the distinction is that there are securities tokens exchanges, they're empty due to the aforementioned problems. T-Zero, Patrick Byrne, Overstock. There is nothing to prove. You projecting on their customers offering nothing to Coinbase except a "huh, how about that" is not worth doing. Shareholders won't care, customers won't care, nobody will use.