Coinbase CEO Brian Armstrong has announced ambitious plans to turn the exchange into a comprehensive crypto & bitcoin super app, aiming to provide a full range of financial services that could replace traditional banks.
Armstrong targets legacy banking inefficiencies
In a recent interview, Armstrong highlighted the inefficiencies of current banking systems, particularly high transaction fees associated with credit cards. He asked:
“It kind of boggles my mind. Like, why are we paying two to three percent every time we swipe our credit card? It’s just some bits of data flowing over the internet. It should be free or close to it.”
Armstrong stated that Coinbase’s goal is to become users’ primary financial account, leveraging bitcoin and blockchain rails for payments, credit cards, and rewards.
Plans for bitcoin rewards and credit cards
One of the key features under consideration is a credit card offering 4% rewards paid in bitcoin. Armstrong described the long-term vision:
“Ultimately, we want to be a bank replacement for people.”
Regulatory environment and partnerships
Armstrong noted that regulatory clarity in the US has improved, referencing legislative developments such as the GENIUS Act.
He acknowledged partnerships with major banks like JPMorgan and PNC, but expressed a preference for a level playing field for all financial service providers.
