Coinbase CEO Brian Armstrong has revealed the company’s most ambitious goal yet, to replace traditional banks by transforming Coinbase into a full-service crypto “super app.”
In a recent interview with Fox Business, Armstrong disclosed plans to offer a comprehensive suite of financial services from payments to credit cards and rewards all powered by crypto infrastructure.
“Yes, we do want to become a super app and provide all types of financial services,” Armstrong stated. “We want to become people’s primary financial account, and I believe crypto has the right to make that possible”, he said.
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Armstrong described the current banking system as inefficient, pointing to high transaction fees as a major pain point for consumers. “It boggles my mind why we are paying two to three percent every time we swipe our credit card?” he questioned. “It’s just bits of data flowing over the internet. It should be free or nearly free.”
It is understood that crypto can be cheaper for international transfers especially on low fees network, compared to bank wire transfers. As part of its long-term strategy, Coinbase aims to launch a crypto-powered credit card offering 4% Bitcoin (BTC) rewards, positioning itself as a true banking alternative. “We’re building a better set of financial services, so Coinbase can be your primary financial account,” Brian wrote on X. “Ultimately, we want to be a bank replacement for people,” he added.
In Coinbase’s push to become a replacement for traditional banks, recall that the crypto firm in June this year, entered the credit card space in the U.S. through a partnership with American Express. The Coinbase One Card, issued by First Electronic Bank and powered by Cardless, will reward users with up to 4% back in Bitcoin.
Fast forward to July, Coinbase and JPMorgan Chase announced a strategic partnership that sets a new standard for customer choice and security in the innovation economy. This collaboration introduces features designed to enhance access and optionality for our mutual customers.
The initial phase of the partnership includes new features for mutual customers, which include;
- Direct Bank-to-Wallet Connection: Through JPMorgan’s secure API, Chase customers will be able to seamlessly link their bank accounts to Coinbase wallets. This direct connection will help mutual customers transact with the confidence, security, and privacy they’re used to as customers of Chase.
- Transfer of Chase Ultimate Rewards Points: Chase customers will be able to transfer their Chase Ultimate Rewards points to their Coinbase Account. This marks the first time a major credit card rewards program will be used to fund a crypto wallet.
- Ability to use Chase credit cards on Coinbase: For the first time, customers will have the ability to fund their Coinbase accounts using Chase credit cards.
Alongside these, Coinbase is working with Shopify to enable USDC payments on Base, its Layer 2 network. Early access merchants can already accept crypto at checkout, and U.S. shoppers will soon receive 1% cash back when paying in USDC.
Regulatory Clarity Fuels Expansion
The push toward becoming a super app comes as regulatory clarity improves in the United States. Armstrong praised recent wins such as the GENIUS Act and ongoing progress on broader market structure legislation in the Senate.
“The freight train has left the station regarding regulatory clarity,” he said. While Coinbase has collaborated with traditional financial institutions like JPMorgan and PNC, Armstrong noted that some banks continue to operate under different policy frameworks, creating an uneven playing field. “We’d prefer if they simply operated on equal terms with every other company,” he stated.
In line with its expansion strategy, Coinbase has integrated the decentralized lending protocol Morpho into its platform. This integration allows users to lend USDC (USD Coin) directly without relying on third-party DeFi platforms, with potential yields reaching up to 10.8%.
The move comes amid growing debate over yield-bearing stablecoins, which were recently banned under the GENIUS Act. Critics, including groups like the Bank Policy Institute, have urged regulators to close what they see as loopholes enabling yield generation through DeFi integrations.
Coinbase, however, defended its approach, arguing that stablecoins represent a modern, efficient alternative to outdated banking revenue models rather than a threat to traditional lending.
Outlook
In today’s world, Crypto creates economic freedom by ensuring that people can participate fairly in the economy, and Coinbase is on a mission to increase economic freedom for more than 1 billion people.
The crypto firm is updating the century-old financial system by providing a trusted platform that makes it easy for people and institutions to engage with crypto assets, including trading, staking, safekeeping, spending, and fast, free global transfers.
Notably, with its bold super app vision, Coinbase is positioning itself at the forefront of the crypto-driven transformation of financial services, challenging banks and reshaping how people interact with money in the digital age.
