Brian Armstrong, co-founder and CEO of Coinbase (COIN), shared in a recent interview that the company’s vision is to evolve into a financial “super app,” providing crypto services alongside a wide array of financial offerings that extend beyond conventional banking.
During his appearance on Fox Business’ “The Claman Countdown,” Armstrong expressed that the current momentum in Congress is the most significant he has ever witnessed. Lawmakers from both parties are advancing measures favorable to the crypto industry, which is contributing to Coinbase’s journey towards becoming a super app.
Armstrong elaborated on how Coinbase plans to achieve this goal. The company aims to unify services typically offered by banks and fintechs, delivering them through crypto infrastructure. He highlighted the newly introduced Coinbase credit card, which provides 4% back in Bitcoin, as a prime example, and criticized traditional card networks for their 2%–3% transaction fees, advocating for a transformation in payment systems.
Looking further ahead, Armstrong stated that Coinbase intends to develop a comprehensive app capable of managing spending, savings, payments, and investing, rather than merely enabling trading. He articulated a clear ambition: “We want to be a bank replacement, serving as the primary financial account for users,” intending to provide a wide spectrum of financial services, including but not limited to cryptocurrencies.
Legislative Support and Banking Relationships
According to Armstrong, the journey towards the super app is heavily reliant on legislative support. He pointed out the recent approval of the “Genius Act,” which defined regulations for stablecoins, in addition to a market-structure bill currently being discussed in the Senate that will outline regulations for tokens like Bitcoin and Ether.
Armstrong remarked, “This freight train has left the station,” underscoring the increasing bipartisan interest in establishing clear regulatory guidelines. He believes that this clarity could resolve longstanding regulatory conflicts experienced during the previous administration, which often viewed crypto tokens as unregistered securities.
Competition and Future Outlook
As Coinbase endeavors to build this super app, it must also be vigilant of competitors inching into the market. Nonetheless, Armstrong remains optimistic and even welcomes the competition. With new exchanges sprouting up in the U.S., including platforms launched by Gemini, he believes Coinbase’s early establishment provides it a significant advantage, promoting a healthy ecosystem for mainstream adoption driven by consumer trust.
In discussing Bitcoin’s future, Armstrong refrained from making short-term forecasts but indicated there is “a good chance” Bitcoin might reach $1 million by 2030. He cited factors like improved regulatory clarity, the establishment of a U.S. strategic Bitcoin reserve, and strong investment inflows into newly launched Bitcoin ETFs, a majority of which rely on Coinbase for custody. He compared Bitcoin’s role in investment portfolios to a hybrid of gold and stocks, noting that many investors are starting to perceive it as both a hedge against volatility and a long-term growth asset.
