Coinbase Could Become A Super App, Says Brian Armstrong

TL;DR

• Coinbase’s CEO says he envisions the platform becoming a global super app.

• The crypto exchange is currently locked in a lawsuit with the United States Securities and Exchange Commission (SEC).

Coinbase To Offer More Services

Brian Armstrong, the CEO of Coinbase, has revealed that he envisions the crypto exchange’s platform will become a global super app.

He mentioned this despite Coinbase currently in a legal case with the United States Securities and Exchange Commission (SEC).

According to Armstrong, Coinbase should become a super app, similar to Tencent's WeChat. As a super app, Coinbase will help the web3 economy, making it easier for people to access a wide range of web3-related services. 

At the moment, WeChat is one of the leading super apps in the world, providing users with a wide range of services, including financial services and hospital appointments. 

While speaking at the State of Crypto Summit organized by Coinbase and the Financial Times in New York on Thursday, Armstrong stated that in Asia, people have apps that they use to access financial services and other areas of their lives. He added that;

"I think that in Coinbase, this case, we want to be that super app, but it's all going to be based on these decentralized protocols. The super app will be used not just for money and assets, but also for social interactions.”

The SEC and Coinbase have been in a legal battle for a while now. Earlier this month, the US SEC sued Coinbase, for operating as an unregistered broker, exchange, and clearing agency at the same time. 

The regulatory agency added that Coinbase as a crypto exchange was customers, handling orders, allowing for bids and acting as an intermediary all at once, violating federal securities laws in the process.