Coinbase (Nasdaq: COIN), the largest publicly traded crypto exchange in the US, has been quietly getting bigger and bigger and is now larger than many traditional banks in terms of customer assets.

As financial institutions adapt to the digital economy, Coinbase's growth signals a larger industry shift toward crypto-integrated banking

Coinbase (Nasdaq: COIN) is quietly getting bigger and bigger. The largest publicly traded crypto exchange in the US is now larger than many traditional banks in terms of customer assets.

On Monday, CEO Brian Armstrong posted that Coinbase has $420 billion in assets.

“Coinbase now has $420B in assets on platform (up from $330B in Sep 2022). If you think of us more like a brokerage, we’d be the 8th largest brokerage today by AUM. Our role in payments is harder to quantify (if you think of us like a payments company…TBH I’m not sure where we rank on that list. There are many ways to measure it, but there were about $30T in total stablecoin payments last year (not all of those were goods and services though)).”

Armstrong also compared Coinbase to major brokerages.

“We’re also seeing a lot of people use Coinbase to not just invest, but also spend, get a loan, etc. Many people think of crypto as an asset class, but we believe that crypto is also the future of money, lending, payments, insurance, identity and more. The line between these categories is blurring.”

Armstrong’s comments suggest that digital assets are making the financial system more unified where traditional banking distinctions become obsolete.

“Many people think of crypto as an asset class, but we believe that crypto is also the future of money, lending, payments, insurance, identity and more. The line between these categories is blurring.”

Looking ahead Armstrong said that financial services will consolidate into one crypto powered account that can do everything. His vision is in line with Coinbase’s strategy to be the leader in the new financial system competing with banks, brokerages and payment companies as digital first financial institutions rise.

“We believe that eventually financial services will consolidate into a single crypto powered account that can do everything you need. This will happen as the best crypto native companies build out the full stack of financial services.”

Armstrong’s vision for the future of finance is clear. Coinbase’s growth signals a larger industry shift toward crypto-integrated banking, further challenging legacy financial structures.