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Coinbase, which has long been known primarily as a place to buy and store cryptocurrencies, plans to seriously expand its operations. The head of the company, Brian Armstrong, recently spoke about plans that can be regarded as a challenge to traditional banks. We are talking about creating a universal application that can meet all the financial needs of a modern user.

"We want to become the main place for users to manage their finances," Armstrong emphasized. "We believe that cryptotechnology can become the basis of a new, more honest and efficient system." He criticizes the current system for excessive costs. Why should a regular card transaction, which is essentially a data transfer, cost the user a few percent? He is convinced that such transactions should be practically free.

One of the steps towards this goal in the near future will be the launch of a credit card with up to 4% cashback in bitcoins.

Coinbase is actively implementing DeFi tools. For example, the Morpho protocol was recently introduced, which allows users to directly deposit USDC stablecoins at a high percentage.
It is clear that banks are not happy with such activity. The Bank Policy Institute and other similar organizations are calling on the authorities to limit the opportunities for generating income from stablecoins, calling it a "loophole." Coinbase responds that this is not a circumvention of the rules, but a natural development of technology that offers an alternative to expensive bank loans.

The strategy outlined by Armstrong shows that Coinbase is striving to transform itself from just an exchange into a multifunctional ecosystem. The company expects that the convenience, benefits and technology of crypto solutions in the future will outweigh the user's habit of traditional banks, and people will begin to change their attitude towards them.