Brian Armstrong, the CEO of Coinbase Global Inc, seems to be on a mission to change the way we view crypto exchanges. In a recent announcement, he likened Coinbase to a top financial institution, claiming it could rank as the 21st largest bank in the US!
Armstrong took to Twitter to share his thoughts, highlighting Coinbase’s impressive $420 billion in customer assets. If you consider Coinbase a brokerage, it would rank 8th in the US based on assets under management (AUM). But that’s not all! Armstrong also pointed out that Coinbase’s stablecoin transactions have reached a whopping $30 trillion, making it a significant player in the US payment world.
“If you think of Coinbase like a bank, we now hold about $0.42T in assets for our customers, which would make us 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.”
“If you think of us…”
— Brian Armstrong (@brian_armstrong) February 7, 2025
Armstrong’s vision for Coinbase is clear: he wants it to be more than just a crypto exchange. He envisions a future where Coinbase and related businesses lead the financial world, with a significant portion of global GDP moving to blockchain rails. Lofty goals, indeed!
Coinbase has been making strategic moves to expand its market presence and enhance its services. Recently, it launched Wallet as a Service (WaaS) to help companies create and manage on-chain wallets. The exchange has also earned crypto asset provider licenses globally, including full approval in the UK and a Cyprus Investment Firm license for offering contracts for differences (CFDs) across the European Economic Area.
Moreover, Coinbase’s Layer-2 blockchain network, Base, has seen impressive user growth, even surpassing Ethereum in user adoption in 2024. It seems like Armstrong’s dreams might just become a reality!
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2025-02-07 16:07