The CEO of leading cryptocurrency exchange Coinbase, Brian Armstrong, recently highlighted the growing acceptance of digital assets and revealed ambitious plans for the company during an interview with CNBC’s Kate Rooney at the 2024 Crypto Summit.

In his statement, Armstrong emphasized the continued increase in acceptance of digital assets among the largest financial institutions, highlighting that some Fortune 500 companies are involved in blockchain technology.

“Fifty-six percent of the Fortune 500 are now doing something on-chain and we surveyed executives at those companies, so the biggest companies in the world, whether it’s BlackRock tokenizing real-world assets, JP Morgan is doing things on-chain with Onyx, Google Cloud is accepting crypto payments, FinTechs like Stripe and PayPal are doing things with stablecoins. So I think crypto is here to stay and all the biggest companies in the world are integrating it.”

Also at the opportunity, Coinbase’s CEO revealed the company’s ambitious plans, highlighting his vision that Coinbase should become people’s main financial account, which will resemble a digital bank.

“ In the banking world, they do something called fractional reserve and there are their own regulatory requirements for that. We don’t intend to become a bank, but we intend to become people’s main financial accounts… And so, the digitalization of money and having mobile money on your phone – your phone will be your bank account in the future. There will be a whole generation of children who will grow up and not have a bank branch on the corner with a checkbook like perhaps you and I grew up with. Their phone will be your wallet. This is how they get paid. It’s how they live their lives and borrow money if and when they need it.

Armstrong added: “This is the opportunity for Coinbase, and we have the beginning of this with the Coinbase Card, for example, which allows you to spend. We have USD Coin if you want to maintain balances in US Dollars. And in the future, you can imagine us adding other features, like the ability to send an electronic or bank transfer, and then this could actually be your primary financial account.”


The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.


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