With Coinbase crossing $420 billion in assets, CEO Brian Armstrong is comparing the top US-based crypto exchange to leading US banks.
In a new post to the social media platform X, Armstrong lays out the case for why he thinks Coinbase is now competing with the largest US banks, brokerages and payment companies.
“If you think of Coinbase like a bank, we now hold about $0.42 trillion in assets for our customers, which would make us the 21st largest bank in the US by total assets, and growing.
If you think of us more like a brokerage, we’d be the 8th largest brokerage today by AUM (assets under management).
If you think of us like a payments company… to be honest, I’m not sure where we rank on that list. There are various ways to measure it, but there were about $30 trillion in total stablecoin payments last year (not all of those were goods and services though).”
Armstrong says that the distinction between Coinbase and many top-US financial providers is dissolving as the leading US-based crypto exchange expands.
“Many people use Coinbase to invest, but also to spend, get a loan, etc.
In the updated financial system, you will have a single primary financial account which serves all these functions. A greater % of global GDP (gross domestic product) will run on more efficient crypto rails over time. We’ll have sound money, lower friction transactions, and greater economic freedom for all.”
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