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.

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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.

Alexander Zdravkov