Coinbase CEO Plans to Replace Banks with Crypto Super App

Coinbase CEO Brian Armstrong has revealed the company’s most ambitious goal yet, replacing traditional banks with a full-scale crypto super app. In a recent Fox Business interview, Armstrong said Coinbase aims to become the world’s primary financial account, offering everything from payments and credit cards to rewards and lending services powered entirely by blockchain.

“Yes, we do want to become a super app and provide all types of financial services,” Armstrong stated. “We want to be people’s main financial account, and crypto has the right to deliver that.”

Armstrong criticized legacy banking systems for being costly and outdated, questioning why consumers still pay two to three percent fees on simple credit card transactions. “It’s just data flowing over the internet. It should be free or close to it,” he said.

One of Coinbase’s most anticipated products is a credit card offering up to 4% Bitcoin rewards, designed to compete directly with traditional bank offerings. Armstrong emphasized that the ultimate vision is to replace banks by providing faster, cheaper, and more efficient services.

The push comes as U.S. regulators move toward clearer digital asset frameworks. Armstrong praised legislative milestones such as the GENIUS Act, calling regulatory clarity a “freight train that has already left the station.”

Coinbase has also deepened its DeFi integration, recently enabling users to lend USDC through Morpho directly within its app, with potential yields as high as 10.8%. While critics argue that yield-bearing stablecoins undermine financial stability, Coinbase dismissed those concerns, framing stablecoins as a modern upgrade to outdated banking revenue models.

With strategic partnerships, new products, and a regulatory green light, Coinbase is positioning itself not just as a crypto exchange but as a direct challenger to the banking industry.