Coinbase has come a long way from being a crypto trading exchange. If it were to be categorized as a traditional financial institution, Coinbase would be the 21st largest bank in the U.S., with over $420 billion in assets under its custody, according to CEO Brian Armstrong.
More and more Americans now depend on the platform for much more than investing, they use it for everyday transactions, loans, and managing their wealth.
Armstrong recently shared insights on the company’s explosive growth, likening Coinbase’s trajectory to that of established financial giants. Beyond crypto trading, it has evolved into a full-fledged financial services provider. If classified as a brokerage firm, it would be the 8th largest in the country by assets under management (AUM).
On top of that, the platform processed more than $30 trillion in stablecoin transactions last year, cementing its presence in the payments sector.
“Many people use Coinbase to invest, but also to spend, get a loan, etc. In the updated financial system, you will have a single primary financial account which serves all these functions,” Armstrong said.
The shift is part of a broader trend in the United States, where consumers have begun to abandon conventional banks in search of better returns, easier global trades, and more financial flexibility. Services such as Coinbase give consumers other options, one that subverts traditional banking models.
Also Read: Coinbase Urges Regulators to Let Banks Offer Crypto Services
