Coinbase Plans Crypto Super App Offering Credit and Bitcoin Rewards
Coinbase CEO Brian Armstrong has announced plans for a crypto super app aiming to substitute traditional banks. This app will offer credit card services, payments, and Bitcoin rewards, challenging existing financial institutions.
Key Developments
- Coinbase aims to transform into a full-service crypto "super app" with comprehensive financial services.
- The company recently acquired Deribit for $2.9 billion to support this expansion.
- Armstrong criticized current banking systems for high transaction fees (2-3%) and inefficiencies.
- Coinbase plans to offer 4% Bitcoin rewards on transactions using its credit card.
Influence of U.S. Crypto Policies
- The pro-crypto stance of the Trump administration has facilitated Coinbase's growth.
- Coinbase’s Bitcoin and Ethereum reserves recently hit $112 billion, the highest in four years.