Coinbase CEO Brian Armstrong compared the company’s holdings to major U.S. banks and brokerages.
Coinbase currently has around $420 billion in customer assets, according to Armstrong, who disclosed this information in a post on X at the time. In terms of total assets, this would place it as the twenty-first largest bank in the United States.
If classified as a brokerage, Coinbase would rank eighth in terms of assets under management. When asked about Coinbase’s involvement in payments, Armstrong mentioned the thirty trillion dollars worth of stablecoin transactions that were executed in the previous year.
However, he noted that not all of these transactions were for goods and services. Through the consolidation of investing, payments, and loans into a single system, he stressed that cryptocurrency is altering traditional forms of finance.
Through the use of cryptography, the distinction between these categories is becoming increasingly hazy, as Armstrong wrote.
He stated that the conventional segmentation of banking services is no longer relevant and that a contemporary financial system needs to provide seamless integration between spending, investing, and producing yield.
Armstrong projected that when a greater proportion of the world’s economy moves into crypto infrastructure, financial systems will become more efficient, resulting in decreased transaction costs and increased economic freedom.
