We want to replace the banks with a great application

The CEO of Coinbase, Brian Armstrong, said that the most ambitious vision of his business was to replace traditional banks by transforming Coinbase into a full service cryptography of “Super Application”.

Speaking during a recent interview with Fox Business, Armstrong confirmed the company’s plans to offer a full suite of financial services, from credit card payments and rewards, all fed by Crypto Rails.

“Yes, we want to become a great application and provide all types of financial services,” said Armstrong. “We want to become the main financial account of people and I think the crypto has the right to do so.”

Armstrong has criticized the current banking system as exceeded and ineffective, highlighting high transaction costs as one of the main pain points. “It makes me a little more spirit. Like, why do we pay two to three percent each time we slide our credit card? ” He asked. “It’s just a few bits of data on the internet. He should be free or close to him. ”

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Coinbase Eyes 4% Bitcoin Rewards Card

The CEO of Coinbase said that the long -term objective was to provide better services in all areas, including a credit card with 4% Bitcoin awards (BTC). “In the end, we want to replace the bank for people,” he said.

The push for a great application comes in the middle of an increasing regulatory clarity in the United States. Armstrong has congratulated recent legislative victories such as the law on engineering and the progress of broader legislation of the market structure in the Senate, noting that the “goods train has left the station” concerning regulatory clarity.

“We have teamed up with banks like JPMorgan and PNC,” noted Armstrong, “but their policies sometimes make a different manual. We prefer that they simply operated on a playground with all the other companies. ”

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Coinbase Tape DEFI to increase USDC yields

As Cointelegraph reported, Coinbase joined the Morpho decentralized loan protocol in its application, allowing users to lend USDC (USDC) directly without the need for TIE DEFI platforms. This decision allows users to earn yields up to 10.8%.

The deployment occurs in the middle of tensions around the yoke -bearing ecunines, which were prohibited under the engineering law. Groups supported by banks such as the Bank Policy Institute have called on regulators to conclude perceived gaps that allow the yield thanks to integrations of third -party challenge.