Coinbase CEO Unveils Super App Strategy: “We Want to Be a Bank Replacement for People”

Coinbase CEO Brian Armstrong outlined an ambitious plan to transform the cryptocurrency exchange into a comprehensive financial “super
app” that could replace traditional banking relationships for millions of users.

Speaking on Fox Business last week, Armstrong said the company wants to integrate services typically offered by banks and fintech firms, delivering them through
cryptocurrency infrastructure. The platform would handle spending, savings, payments and investing rather than just crypto trading.

“We want to be a bank replacement for people, we want to be their primary financial account,” Coinbase’s Armstrong said during the interview. “We want to provide all types of financial services,” not just cryptocurrency.

Armstrong also highlighted the company’s 4% Bitcoin rewards credit card as an early example of how crypto rails could reduce traditional payment costs. He criticized
existing card network fees of 2-3% per transaction, arguing digital payments should cost virtually nothing.

Regulatory Momentum Fuels Expansion Plans

Armstrong pointed to recent Congressional progress as creating favorable conditions for Coinbase’s super app strategy. He cited the
passage of the GENIUS Act establishing stablecoin regulations and the ongoing Senate debate over market structure legislation that would clarify
how tokens like Bitcoin and Ethereum are regulated.

The CEO described growing bipartisan support for cryptocurrency regulation as a “freight train” that has left the station, suggesting
years of regulatory uncertainty may be ending. He argued clearer rules could resolve conflicts with regulators who previously treated many crypto
tokens as unregistered securities.

SEC Chairman Paul Atkins has reinforced this regulatory shift through “Project Crypto,” a commission-wide initiative to modernize securities rules for digital
assets. Speaking at the OECD Roundtable in Paris, Atkins declared that “most crypto tokens are not securities” and called for
platforms to operate as “super-apps” combining trading, lending, and staking services.

“We must allow for ‘super-app’ trading platform innovation that increases choice for market participants,” Atkins said, citing the
EU’s Markets in Crypto-Assets regime as a comprehensive regulatory model.

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Competition Intensifies Across Fintech Landscape

The super app race extends beyond cryptocurrency exchanges as multiple fintech companies pursue similar strategies. Robinhood CEO Vlad Tenev recently asked investors whether his company could become their “comprehensive financial platform,” outlining banking and wealth management features as steps toward that goal.

Robinhood plans to launch banking services in fall 2025, offering estate planning, tax advice and checking accounts previously reserved for wealthy clients. The company also introduced Robinhood Social, a trading community feature, and AI-powered portfolio analytics through its Cortex initiative.

PayPal has pursued super app capabilities since 2021, integrating high-yield savings accounts, bill pay, shopping deals and cryptocurrency trading into
its digital wallet. The payments giant aims to use consumer data for personalized recommendations across shopping and financial services.

The Warsaw-based XTB, a CFD broker, also aims to become an “all-in-one” fintech. The company already offers currency exchange, interest on deposits, and payment cards.

Banking Industry Pushback Creates Hurdles

Despite regulatory progress, Armstrong acknowledged resistance from traditional financial institutions. He said some banks have lobbied to restrict
rewards programs on stablecoins, claiming such features would undermine conventional payment systems.

The Coinbase CEO dismissed those concerns, comparing crypto rewards to airline miles or credit card points. “American consumers want to
earn more money on their money — that should be totally allowed,” he said.

However, Armstrong noted that Coinbase partners with major banks including JPMorgan and PNC for custody and payment services, indicating parts of the traditional financial sector are embracing cryptocurrency infrastructure.

Market Position and Bitcoin Outlook

Armstrong expressed confidence in Coinbase’s competitive position as new exchanges enter the U.S. market. He said the company benefits from storing more cryptocurrency than any other provider, which encourages customers to use additional services beyond trading.

The CEO avoided short-term Bitcoin price predictions but said he sees “a good chance” the cryptocurrency could reach $1 million by 2030. He cited
regulatory clarity, potential creation of a U.S. strategic bitcoin reserve, and continued institutional inflows through bitcoin ETFs as major growth drivers.

Coinbase provides custody services for 80% of newly launched BTC exchange-traded funds, positioning the company to benefit from continued institutional
adoption.

Coinbase CEO Brian Armstrong outlined an ambitious plan to transform the cryptocurrency exchange into a comprehensive financial “super app” that could replace traditional banking relationships for millions of users.

Speaking on Fox Business last week, Armstrong said the company wants to integrate services typically offered by banks and fintech firms, delivering them through
cryptocurrency infrastructure. The platform would handle spending, savings, payments and investing rather than just crypto trading.

“We want to be a bank replacement for people, we want to be their primary financial account,” Coinbase’s Armstrong said during the interview. “We want to provide all types of financial services,” not just cryptocurrency.

Armstrong also highlighted the company’s 4% Bitcoin rewards credit card as an early example of how crypto rails could reduce traditional payment costs. He criticized
existing card network fees of 2-3% per transaction, arguing digital payments should cost virtually nothing.