CEO Brian Armstrong revealed that if the company were classified as a bank, it would be the 21st largest in the US with $0.42 trillion in assets, beating some of the biggest banking names.
If viewed as a brokerage firm, it would be the eighth largest in terms of assets under management, putting it on par with some of the major players in traditional finance.
In the payments sector, Armstrong admits it’s hard to pinpoint Coinbase’s position, but notes that the company processed around $30 trillion in stablecoin payments last year, though not all of them were directly tied to goods and services.
Armstrong points out that the lines between traditional financial sectors, such as banking, investing, and payments, are becoming more blurred as cryptocurrencies become more widely used.
He argues that many old financial concepts no longer make sense in the digital age, questioning why checking accounts don’t earn interest like savings accounts or short-term bonds.
It is believed that the future will be based on a single financial account covering investment, spending and borrowing, supported by the efficiency of cryptocurrencies, which may lead to reducing transaction costs, achieving more stable forms of money, and increasing economic freedom globally.
Posted using Tribaldex Blog