Crypto Exchange Coinbase To Become A 'Super App'

(MENAFN- Yolo Wire) Brian Armstrong, the chief executive officer (CEO) of %Coinbase Global (NASDAQ: $COIN), says that his ultimate goal for the cryptocurrency exchange is to turn it into a financial super app.

In a media interview, Armstrong said he foresees Coinbase offering cryptocurrencies alongside a broad range of financial services as part of a new super app.

As regulations related to crypto become clearer in the U.S., Coinbase plans to integrate services people typically get from banks and deliver them on crypto rails, says Armstrong.

He pointed to a new Coinbase credit card that pays 4% back in %Bitcoin (CRYPTO: $BTC) as an example and argued that credit card networks' 2% to 3% swipe fees show why payments need to change.

He said Coinbase Global wants to be a comprehensive app that handles spending, savings, payments and investing, not just trading as is currently the case.

"We want to be a bank replacement for people, we want to be their primary financial account," said Armstrong.

He added that key to Coinbase's transformation will be the ability to offer more crypto rewards to entice consumers, saying crypto rewards need to become as common as airline miles or credit card points that people collect.

"American consumers want to earn more money on their money — that should be totally allowed," he said.

Armstrong's comments come as Coinbase faces growing competition from other cryptocurrency exchanges such as %Gemini (NASDAQ: $GEMI) that just went public.

Also, Armstrong isn't the only technology CEO talking up plans for a super app.

Elon Musk has mused publicly about turning social media platform X into a super app that offers banking services to consumers.

COIN stock has gained 33% this year to trade at $342.46 U.S. per share.

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