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.”
