Brian Armstrong, the CEO of Coinbase, has been working on a super app strategy that would stitch finance services typically offered by banks and fintech firms, into the Coinbase offerings. In a recent interview with Fox Business, Armstrong said his vision is to replace banks with the Coinbase super app for its users.
Armstrong, 42, claimed that Coinbase is presently storing more crypto than any other company — indicating that customers are trusting crypto. Subsequently, he noted that with the influx of customers flocking towards Coinbase, they are likely to use the products the company brings to the table — whether they are around trading, payments, earnings, or staking.
“As crypto continues to eat the financial system, hopefully we can provide more and more of those products. And ultimately, we want to be a bank replacement for people. We want to be their primary financial account, and we can offer better financial service products across the board,” Armstrong said.
Recently, Coinbase rebranded its wallet app to the “Base app” to let users discover apps and engage in chatting and creating while earning and trading in digital assets. The move was in alignment with Coinbase’s idea to transform its platform into an “everything super app”.
Armstrong said, the platform is looking to provide all types of financial services to its users.
“Crypto makes the every payment in the economy fast and cheap. You know, it kind of boggles my mind, like, why are we paying two to 3% every time we swipe our credit card. It should be free or close to it, and so that’s just one example of many things that crypto can do to update the financial system, and we’re going to keep pushing on that frontier,” he noted.
Coinbase recently launched a credit card that pays four percent rewards in Bitcoin. It is also working with JPMorgan to bring an array of crypto-friendly services like wallet-to-bank conversions and crypto card experiences to its customers to make digital asset services more accessible to individuals for everyday utilities.