Chapter #coinbase Brian Armstrong announced plans to transform the cryptocurrency exchange into a financial super app that will replace traditional banks. The company aims to offer a full range of financial services—from payments to credit cards with rewards in Bitcoin.
Ambitious goal: to become the main financial account
In a recent interview with Fox Business, Armstrong confirmed the company's ambition to become the primary financial account for users. "Yes, we want to be a super app and provide all kinds of financial services," he stated. "We want to be people's main financial account, and I believe cryptocurrencies have a right to this."
The CEO of Coinbase criticizes the modern banking system as outdated and inefficient. He is particularly annoyed by high transaction fees. "It just amazes me. Why do we pay two to three percent every time we swipe a card?" asks Armstrong. "It's just bits of data passing through the internet. It should be free or nearly free."
A credit card with 4% rewards in bitcoins
The company's long-term goal is to offer improved services across all areas, including a credit card with 4% cashback in bitcoins $BTC . "Ultimately, we want to be a bank alternative for people," emphasized Armstrong.
The drive to create a super app comes against the backdrop of increasing regulatory clarity in the U.S. Armstrong positively assessed recent legislative victories, such as the passage of the GENIUS Act and the advancement of broader market structure legislation in the Senate. According to him, "the train has already left the station" in terms of regulatory clarity.
"We work with banks like JPMorgan and PNC," noted Armstrong, "but their political departments sometimes play by different rules. We would prefer them to operate on equal terms with any other company."
Integration with DeFi for yield enhancement
Coinbase has integrated the decentralized lending protocol Morpho into its app, allowing users to lend directly $USDC without using third-party #defi platforms. This innovation enables earning yields of up to 10.8%.
The implementation occurs against the backdrop of debates surrounding yield-bearing stablecoins, which have been banned under the GENIUS Act. Banking groups, such as the Bank Policy Institute, are urging regulators to close supposed loopholes that allow yield generation through integrations with third-party DeFi protocols.
Coinbase rejects this criticism, stating that stablecoins do not pose a threat to lending, but are a modern alternative to outdated banking revenue models.
Coinbase's plans to create a financial super app reflect a broader trend in the crypto industry — the desire to replace traditional financial institutions. The success of this ambitious strategy will depend on the company's ability to offer competitive services and navigate the changing regulatory environment.
