Coinbase CEO Brian Armstrong has expressed that the company’s grand vision is to transform traditional banking by evolving Coinbase into a comprehensive crypto “super app.”
In a recent interview with Fox Business, Armstrong revealed the company’s aim to provide a complete range of financial services, including payment solutions, credit cards, and rewards—entirely driven by cryptocurrency.
“Absolutely, we aspire to become a super app and cater to all financial service needs,” Armstrong remarked. “We aim to be individuals’ primary financial account, and I believe that crypto is well-positioned to fulfill that role.”
Armstrong criticized the existing banking system as antiquated and inefficient, highlighting exorbitant transaction fees as a core issue. “It’s mind-boggling. Why are we paying two to three percent every time we use our credit card?” he questioned. “It’s merely data moving across the internet. It should be free or nearly so.”
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The drive toward a super app coincides with increasing regulatory clarity in the U.S. Armstrong lauded recent legislative achievements like the GENIUS Act, highlighting progress on broader market structure legislation in the Senate, and asserting that the “freight train has left the station” in terms of regulatory clarity.
“We’ve collaborated with banks like JPMorgan and PNC,” Armstrong noted, “but their policy teams sometimes follow a different strategy. We prefer that they operate on a level playing field with all other companies.”
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Coinbase leverages DeFi to enhance USDC yields
As reported by Cointelegraph, Coinbase has integrated the decentralized lending protocol Morpho into its app, enabling users to lend USDC (USDC) directly without relying on third-party DeFi platforms. This integration allows users to potentially earn yields up to 10.8%.
This development comes amidst debates surrounding yield-bearing stablecoins, which were restricted under the GENIUS Act. Bank-affiliated groups, such as the Bank Policy Institute, have urged regulators to close perceived gaps that permit yield via third-party DeFi integrations.
Coinbase has rejected these concerns, asserting that stablecoins do not threaten lending but rather serve as a contemporary alternative to outdated banking revenue models.
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