Coinbase CEO Brian Armstrong has mentioned his firm’s most bold imaginative and prescient is to switch conventional banks by turning Coinbase right into a full-service crypto “tremendous app.”
Talking throughout a latest interview with Fox Enterprise, Armstrong confirmed the corporate’s plans to supply a full suite of monetary companies, from funds to bank cards and rewards, all powered by crypto rails.
“Sure, we do need to grow to be a brilliant app and supply all forms of monetary companies,” Armstrong mentioned. “We need to grow to be folks’s main monetary account and I believe that crypto has a proper to try this.”
Armstrong criticized the present banking system as outdated and inefficient, declaring excessive transaction charges as one of many fundamental ache factors. “It form of boggles my thoughts. Like, why are we paying two to a few % each time we swipe our bank card?” he requested. “It’s just a few bits of information flowing over the web. It ought to be free or near it.”
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Coinbase eyes 4% Bitcoin rewards card
The Coinbase CEO mentioned the long-term purpose is to supply higher companies throughout the board, together with a bank card with 4% Bitcoin (BTC) rewards. “Finally, we need to be a financial institution alternative for folks,” he mentioned.
The push for a brilliant app comes amid rising regulatory readability within the US. Armstrong praised latest legislative wins corresponding to the GENIUS Act and the progress of broader market construction laws within the Senate, noting that the “freight practice has left the station” relating to regulatory readability.
“We’ve partnered with banks like JPMorgan and PNC,” Armstrong famous, “however their coverage of us typically are doing a special playbook. We’d quite that they simply operated on a stage enjoying subject with each different firm.”
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Coinbase faucets DeFi to spice up USDC yields
As Cointelegraph reported, Coinbase has integrated decentralized lending protocol Morpho into its app, enabling customers to lend USDC (USDC) straight while not having third-party DeFi platforms. The transfer permits customers to probably earn yields as excessive as 10.8%.
The rollout comes amid tensions round yield-bearing stablecoins, which had been banned underneath the GENIUS Act. Financial institution-backed teams just like the Financial institution Coverage Institute have called for regulators to close perceived loopholes that enable yield by way of third-party DeFi integrations.
Coinbase dismissed these criticisms, stating that stablecoins aren’t a threat to lending however a contemporary different to outdated banking income fashions.
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