With client funds amounting to approximately $420 billion, Coinbase could be considered the 21st largest bank in the United States. This was highlighted by the co-founder and CEO of the exchange, Brian Armstrong.
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.
If you think of us more like a brokerage, we’d be the 8th largest brokerage today by AUM.
If you think of us…
— Brian Armstrong (@brian_armstrong) February 7, 2025
As a brokerage firm, Coinbase would rank eighth in terms of assets under management, he added.
According to Armstrong, the platform can also be seen as a payments company, given the volume of transfers in stablecoins alone, amounting to ~$30 trillion in 2024.
“The fact is, with cryptocurrencies, the lines between these categories are blurred. There are many reasons why they are separated in TradFi, and not all of them are significant. […] In the updated financial system, you will have one base account to service all these functions,” the entrepreneur stated.
Armstrong believes that over time, more than 8% of global GDP will be based on digital assets. These assets will provide lower transaction costs and greater economic freedom.
In April 2024, Coinbase launched a $15 million television advertising campaign contrasting TradFi and cryptocurrencies.