Coinbase (Nasdaq: COIN), the largest publicly traded cryptocurrency exchange in the U.S., has quietly expanded its role in the financial industry, now surpassing many traditional banks in customer assets. CEO Brian Armstrong shared on social media platform X on Feb. 6 that Coinbase holds approximately $420 billion in assets, stating:

If you think of Coinbase like a bank, we now hold about $0.42T in assets for our customers, which would make us 21st largest bank in the US by total assets, and growing.

He also compared Coinbase’s scale to major brokerages, saying: “If you think of us more like a brokerage, we’d be the 8th largest brokerage today by AUM.” Armstrong noted that the company’s role in payments is harder to quantify, explaining: “If you think of us like a payments company…TBH I’m not sure where we rank on that list. There are various ways to measure it, but there were about $30T in total stablecoin payments last year (not all of those were goods and services though).”

Armstrong emphasized that cryptocurrency is reshaping traditional financial categories, making banking, investing, and payments less distinct. “The point is, with crypto the line between these categories is blurring. There are many legacy reasons these are separate in the traditional financial system – and not all of them are good reasons,” he stated.

The executive pointed out that Coinbase users increasingly rely on the platform for a variety of financial services, adding: “Many people use Coinbase to invest, but also to spend, get a loan, etc.” His comments suggest that digital assets are driving a shift toward a more unified financial system, where traditional banking distinctions become obsolete.

Looking ahead, Armstrong predicted that financial services will consolidate into a single crypto-powered account capable of handling a range of financial needs. He opined:

In the updated financial system, you will have a single primary financial account which serves all these functions. A greater % of global GDP will run on more efficient crypto rails over time. We’ll have sound money, lower friction transactions, and greater economic freedom for all.

His vision aligns with Coinbase’s broader strategy to position itself as a leader in the evolving financial landscape, competing directly with banks, brokerages, and payment firms as digital-first financial institutions gain ground.

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