Coinbase CEO Brian Armstrong has laid out an ambitious long-term vision for the company, stating that Coinbase aims to become the world’s leading financial services app within the next five to ten years.
According to CNBC, Coinbase’s CEO stated that the crypto platform hopes to become one of the world’s largest financial services firms in a few years, aided by traditional players rapidly adopting cryptocurrencies.
“In five- to 10 years, our goal is to be the number one financial services app in the world across those customer segments because we believe that crypto is eating financial services, and we are the number one crypto company,” Armstrong stated.
Armstrong added that asset classes, including money market funds, real estate, securities and debt instruments, are gradually moving on-chain. As more participants embrace blockchain and digital assets, companies like Coinbase are set to benefit from this trend.
No looking back
When asked on the company’s call with analysts if Coinbase intends to enter traditional finance, Armstrong responded that rather than looking back, he “wants to look forwards and skate to where this opportunity is going.”
Stablecoins remain crucial to Coinbase’s strategy; being a cofounder of the USDC stablecoin, the Coinbase CEO stated that its “stretch goal” is to make USDC the world’s number one stablecoin.
Last week, Coinbase announced 24/7 trading for Bitcoin and Ethereum futures, marking a significant milestone as the first time this would be available for leveraged futures contracts on a CFTC-regulated exchange.
Coinbase also revealed it is actively working to introduce perpetual-style futures to the U.S., allowing retail traders access to one of the most widely used derivative products in crypto, but within a regulated environment.
