With Coinbase that crosses $ 420 billion in assets, CEO Brian Armstrong compares the best American crypto exchange with the leading of American banks.
Armstrong is out in a new message on the social media platform X the Because why he thinks Coinbase is now competing with the largest American banks, brokers and payment companies.
“If you think of Coinbase as a bank, we now have around $ 0.42 trillion on assets for our customers, which would make us the 21st largest bank in the US through total assets and grows.
If you consider more to our brokerage, we would be the 8th largest brokerage today due to AUM (assets under management).
If you think of us as a payment company … to be honest, I am not sure where we are on that list. There are different ways to measure it, but last year there were about $ 30 trillion to total stablecoin payments (not all goods and services). “
Armstrong says that the distinction between Coinbase and many financial top providers resolves, as the leading crypto exchange in the US grows.
“Many people use Coinbase to invest, but also to spend, to get a loan, etc.
In the updated financial system you have a single primary financial account that serves all these functions. A larger % of the worldwide GDP (gross domestic product) will be performed on more efficient crypto rails over time. We have healthy money, lower friction transactions and greater economic freedom for everyone. “
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Featured image: Shutterstock/Den Rise/Andy Chipus/Vladimir Sazonov