CEO Brian Armstrong Highlights Coinbase’s Growing Dominance in US Finance

Coinbase has recently surpassed $420 billion in assets, prompting CEO Brian Armstrong to draw comparisons between the major US cryptocurrency exchange and some of the largest financial institutions in the country.

In a post on X (formerly Twitter), Armstrong made the case that Coinbase now competes with top banks, brokerages, and payment companies in the US.

Armstrong noted that, with $420 billion in customer assets, Coinbase would rank as the 21st largest bank in the US by total assets, a significant achievement considering the company’s ongoing growth. He also mentioned that if Coinbase were considered a brokerage, it would be the 8th largest in terms of assets under management (AUM).

While Armstrong wasn’t sure where the company would rank as a payments provider, he pointed out the massive scale of stablecoin transactions, which amounted to approximately $30 trillion in the past year, though not all were for goods and services.

Armstrong emphasized that the traditional distinctions between Coinbase and legacy financial providers are becoming increasingly irrelevant. As Coinbase continues to expand, it’s evolving beyond a simple investment platform to include services like spending, lending, and more.

According to Armstrong, the future of finance involves a single digital account that will handle various financial functions, running on efficient crypto systems. This, he believes, will lead to a global economic shift, offering lower transaction costs and increased economic freedom.