Coinbase Says It’s Time To ‘Update the System’, Makes Case for Crypto To Replace Traditional Finance

Top US crypto exchange Coinbase is making the case that it’s time for the nascent industry to take over the existing traditional financial system.

In a new Twitter thread, Coinbase notes that if all the crypto users in the world were their own country, it would be the third largest nation on earth.

Coinbase names several growing use cases, including inflation hedging in developing countries, crypto remittances, and efficient provision of humanitarian aid.

“Crypto can provide stability. Venezuela went hyperinflationary. Egypt and Lebanon recently devalued their currencies. Stablecoins like USDC, which is held by 1.6 million people and is pegged to the US dollar, are less inflationary options.”

Coinbase also says that the US should do what it can to place itself at the forefront of crypto adoption, noting that the company is dedicated to leading the push in America rather than going offshore.

“Widespread crypto adoption has begun, and the countries creating common sense legislation are positioned to become industry leaders. Many are enacting regulations aimed at protecting users while enabling innovation, including the UK, EU, and Japan. America should do the same.

Crypto isn’t going anywhere. But whether America will be a global leader remains to be seen. Crypto technology can help update our aging financial infrastructure, giving American customers more financial freedom and institutions new tools to drive innovation.

While some crypto companies went offshore to avoid US law, Coinbase decided to build in the US and push innovation within existing regulations. Coinbase is committed to being part of the solution to update our financial system.”

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Featured Image: Shutterstock/Vitalii Bashkatov