Coinbase CEO Ambitious Plan for Instant and Free Crypto Payments: Is it Viable?

Coinbase is striving to make crypto payments instant, free, and user-friendly, aiming to bring crypto mainstream.

Brian Armstrong being a superhero of Crypto coins.
Created by Kornelija Poderskytė from DailyCoin
  • Brian Armstrong, CEO of Coinbase, outlines a vision for instant and free global crypto payments.
  • Armstrong’s plan involves integrating Layer-2 solutions, improving on-ramps, and simplifying the user experience.
  • The initiative faces potential challenges, including the question of decentralization. 

Coinbase CEO Brian Armstrong has set a new goalpost for crypto. He envisions a future where crypto payments are not just an alternative but a preferred method of transaction – instant, free, and global.

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This ambitious plan, if realized, could revolutionize the global payments infrastructure and challenge the dominance of traditional payment giants like Visa and Mastercard. But is it viable? 

Armstrong’s Vision

On July 25, Armstrong took to Twitter to share his vision for the next step in crypto evolution – making payments instant and free globally. He believes achieving this will require significant work from all stakeholders, including Coinbase.

On its end, Coinbase is working on enabling these payments with its wallet. The Coinbase Wallet will enable encrypted and decentralized payments thanks to the XMTP protocol. According to Coinbase, the protocol will support all XMTP-compatible apps.

Armstrong says that there is still a significant amount of work to bring crypto to the masses. The key focus areas for now include integrating Layer-2 solutions, improving on-ramps, and simplifying the user experience. The CEO believes the magic threshold is to get the average payment under one cent and confirmed in under one second. He thinks that achieving this would result in more payments moving to crypto.

Despite the potential of cryptocurrencies to improve global payment infrastructure, the current reality is far from ideal. Crypto payments today are not very user-friendly. Still, there is a need for alternative payment systems. 

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Notably, traditional payment systems like Visa and Mastercard require significant fees. Armstrong’s vision aims to make crypto payments easy and mainstream, challenging these established giants.

On the Flipside

Why This Matters

The realization of Armstrong’s vision could be a game-changer for crypto traders and the broader crypto ecosystem. It could lead to a significant increase in the adoption of crypto payments, boosting the value and utility of cryptocurrencies.

Read more about Coinbase and its CEO: 

Brian Armstrong: The Coinbase CEO Leading Cryptocurrency Adoption

Read more about Meta’s plans for the Metaverse

Is Meta’s AI Pivot Making Metaverse Take the Back Seat? Zuckerberg Says No

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
David Marsanic

David Marsanic is a journalist for DailyCoin who covers the intersection of crypto, traditional finance, and government. He focuses on institutionalized crypto entities like major cryptocurrency exchanges and Solana, breaking down complex topics into easy-to-understand writing. David's prior experience as a business journalist at various crypto and traditional news sites has enabled him to maintain a critical approach to news while adhering to high journalistic integrity standards.