With Coinbase surpassing $420 billion in assets, CEO Brian Armstrong is drawing parallels between the top US-based crypto exchange and leading US banks.
In a recent post on the social media platform X, Armstrong presents his argument for why he believes Coinbase is now in competition with the largest US banks, brokerages, and payment companies.
“If you consider Coinbase as a bank, we currently hold approximately $0.42 trillion in assets for our customers, positioning us as the 21st largest bank in the US by total assets, with continuous growth.
If you view us more as a brokerage, we would rank as the 8th largest brokerage today by AUM (assets under management).
If you perceive us as a payments company… to be honest, I’m uncertain of our ranking on that list. There were around $30 trillion in total stablecoin payments last year (although not all were for goods and services).”
Armstrong highlights that the distinction between Coinbase and numerous top US financial providers is fading as the leading US-based crypto exchange expands its reach.
“Many individuals use Coinbase for investing, as well as for spending, obtaining loans, etc.
In the redefined financial landscape, individuals will have a primary financial account that fulfills all these functions. A larger percentage of global GDP will operate on more efficient crypto infrastructure over time. This will lead to stable currency, smoother transactions, and enhanced economic freedom for all.”
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