Coinbase CEO Brian Armstrong says the company’s boldest goal is to replace traditional banks by transforming Coinbase into a full-service crypto “super app.”
In an interview with Fox Business, Armstrong outlined plans to expand Coinbase beyond trading into a platform offering payments, credit cards, rewards, and other financial services—entirely built on crypto infrastructure.
“Yes, we do want to become a super app and provide all types of financial services,” Armstrong said. “Our aim is to become people’s primary financial account, and crypto is uniquely positioned to make that possible.”
He also criticized the legacy banking system as slow and costly, highlighting high transaction fees as a major flaw. “It boggles my mind—why are we paying two to three percent every time we swipe a credit card?” Armstrong said. “At the end of the day, it’s just data moving across the internet. It should be free or close to it.”
Coinbase CEO Brian Armstrong revealed that the company’s long-term vision includes providing enhanced financial services, such as a credit card offering 4% Bitcoin rewards. “Ultimately, we want to be a bank replacement for people,” he said, underscoring the broader push to become a full-service crypto super app.
The expansion comes amid increasing regulatory clarity in the U.S. Armstrong highlighted recent legislative milestones, including the GENIUS Act and broader market structure reforms in the Senate, calling the progress a “freight train” that has already left the station.
“We’ve partnered with banks like JPMorgan and PNC,” Armstrong added, “but their policy teams sometimes operate differently. We’d prefer they play on a level field with every other company.”
Coinbase Integrates DeFi to Boost USDC Yields
In a separate development, Coinbase has integrated the decentralized lending protocol Morpho into its app, allowing users to lend USDC directly without relying on third-party DeFi platforms. This integration could enable users to earn yields of up to 10.8%.
The move arrives amid debate over yield-bearing stablecoins, which were restricted under the GENIUS Act. Bank-backed groups like the Bank Policy Institute have called for tighter regulation of DeFi yield mechanisms.
Coinbase pushed back on these concerns, arguing that stablecoins are not a threat to lending but instead represent a modern alternative to outdated banking revenue models.
