Coinbase CEO Brian Armstrong said his company’s most ambitious view is to replace traditional banks by making Coinbase with a full service “Super App.”
Speaks to a recent -only interview In Fox Business, Armstrong confirmed the company’s plans to offer a whole suite of financial services, from payments to credit cards and rewards, all were strengthened by crypto metals.
“Yes, we want to be a super app and provide all kinds of financial services,” Armstrong said. “We want to be the main financial account of people and I think the crypto has the right to do that.”
Armstrong criticized the current banking system as outdated and ineffective, pointing high transaction fees as one of the major disease points. “It’s kind of thinking in my mind. Like, why do we pay two to three percent every time we swipe our credit card?” He asked. “These are just a few of the pieces of data that flow to the Internet. It should be free or near it.”
Related: NBA Star Kevin Durant Recovers Coinbase Account After almost 10 years
Coinbase Eyes 4% Bitcoin Rewards Card
CEO of Coinbase said the long-term goal is to offer better services across the board, including a credit card with 4% Bitcoin (Btc) Reward. “In the end, we want to be a bank replacement for people,” he said.
Pushing for an extra app comes in the middle of the growing clarity of the US regulation. Armstrong praised recent legislation wins such as The Genius Act and the development of greater market structure law in the Senate, noting that the “train shipment left the station” regarding the clarity of regulation.
“We partnered with banks like JPMorgan and PNC,” Armstrong said, “But their folks of policy sometimes make a different playbook. We would rather they just run a field play level with every other company.”
Related: Coinbase has filed a legal motion with Gensler, missing SEC text messages
Coinbase Taps Defi to boost USDC yields
As Cointelegraph reported, Coinbase had Joint decentralized protocol morpho In its app, which enables users to lend to USDC (USDC) directly without the need for third-party defi platforms. The move gives users to potentially earn produce as high as 10.8%.
The rollout is in the middle of the tensions around the yield-carrying stablecoins, which is banned under the Genius Act. Bank -supported groups such as Bank Policy Institute have called for regulators to close the detected loopholes It allows yield through third-party defi integrations.
Coinbase removed these criticism, saying that Stablecoins is not a lending threat But a modern alternative to outdated banking income models.
