Coinbase is moving beyond the cryptocurrency market and is ready to compete with the largest financial institutions in the United States

The CEO of the American cryptocurrency exchange Coinbase, Brian Armstrong, stated that his platform has significantly expanded its scope and is now capable of competing with major financial institutions in the United States. In his post on the social network X (formerly Twitter), he noted that Coinbase currently manages $420 billion in client assets. If the exchange were classified as a bank, it would rank as the 21st largest bank in the U.S. by asset volume. If Coinbase were considered a brokerage firm, it would be ranked eighth, surpassing many Wall Street giants.

Armstrong emphasizes that the boundaries between cryptocurrencies and the broader financial sector are becoming increasingly blurred. In particular, he expressed the opinion that traditional financial systems are becoming less efficient, while cryptocurrencies and blockchain technologies represent the future of finance. According to him, banks managing large financial platforms offer clients minimal interest rates on deposits, which he considers unfair.

«Why does the money you spend lose value instead of growing like an investment? Why doesn’t your checking account generate income like a savings account or, even better, like short-term Treasury bonds?» Armstrong wrote in his tweet. This question reflects the growing dissatisfaction among people with traditional financial institutions, which offer low interest rates on deposits while generating high profits from asset management.

Furthermore, Armstrong recently expressed the view that the world is moving toward a so-called «Bitcoin standard» in the monetary system. He explained that in the future, any government that holds gold should also have Bitcoin in its national reserves. According to experts, its unique properties make it an ideal alternative to fiat currencies and traditional savings instruments.

Armstrong’s statements highlight significant changes that are continuously reshaping both traditional financial and cryptocurrency markets. With the advancement of technology and the growing popularity of digital currencies like Bitcoin, cryptocurrency platforms such as Coinbase are becoming increasingly important players in the financial sector. This shift presents new opportunities but also challenges traditional banks, pushing them to adapt and compete with emerging technologies.

One way or another, under Armstrong’s leadership, Coinbase continues to gain momentum, and we may see even more changes in the way the global financial system operates in the future.