Coinbase, one of the top US-based crypto exchanges, has recently surpassed $420 billion in assets under management. CEO Brian Armstrong has made a bold comparison, likening Coinbase to leading US banks in terms of size and influence.
In a recent post on the social media platform X, Armstrong highlighted the rapid growth of Coinbase and its increasing prominence in the financial industry. He pointed out that Coinbase now holds approximately $0.42 trillion in assets for its customers, making it the 21st largest bank in the US by total assets. Additionally, if viewed as a brokerage, Coinbase would rank as the 8th largest brokerage by assets under management.
Armstrong emphasized that Coinbase is not just a platform for investing in crypto assets, but also serves as a versatile financial services provider. Users can use Coinbase for a variety of purposes, including spending, obtaining loans, and more. As the financial landscape evolves, Armstrong envisions a future where individuals have a single primary financial account that fulfills all their needs, running on efficient crypto rails. This shift towards a more efficient and inclusive financial system could lead to greater economic freedom for all.
The distinction between Coinbase and traditional financial institutions is becoming increasingly blurred as Coinbase expands its range of services. The platform’s growing influence in the industry is evident, with a significant portion of global GDP expected to flow through crypto rails in the future.
To stay updated on the latest developments in the crypto space, readers can subscribe to receive email alerts directly to their inbox. They can also follow Coinbase’s price action and other news on platforms like Twitter, Facebook, and Telegram. For a diverse mix of crypto-related content, readers can explore The Daily Hodl Mix.
As Coinbase continues to grow and innovate, it is poised to play a significant role in shaping the future of finance. With its expansive range of services and growing assets under management, Coinbase is well-positioned to compete with the largest US banks and financial institutions.
Image Source: Shutterstock/Den Rise/Andy Chipus/Vladimir Sazonov
In conclusion, Coinbase’s remarkable growth and increasing influence in the financial industry highlight the transformative potential of cryptocurrencies and blockchain technology. As the boundaries between traditional finance and the crypto world blur, Coinbase is paving the way for a more inclusive and efficient financial ecosystem.