Coinbase Annual Review: Cryptocurrency is not only here to stay, but it's the future of money
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Coinbase Annual Review: Cryptocurrency is not only here to stay, but it's the future of money
The industry has turned a new page, with compliant growth being the trend of the future.
Navigating Web3 tides with focused insightsBy Brian Armstrong, Coinbase
Translated by 0x26, BlockBeats
Editor's Note:
Whether it’s the continued rise in Bitcoin prices, optimistic market expectations for approval of spot Bitcoin ETFs, or the upcoming Bitcoin halving in 2024, all signs point to next year being a pivotal one.
Brian Armstrong, co-founder and CEO of Coinbase—one of the most influential figures in the crypto industry—shares his optimistic outlook on cryptocurrency and outlines Coinbase’s mission and direction for the industry in this article.
Summary
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Cryptocurrency is not only here to stay—it is the future of money.
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The industry has turned a new page, with compliant growth becoming the defining trend.
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This year, the value of crypto assets rose by 90%, with trading volume increasing 60% in Q4 alone. Over 52 million Americans and 5% of the global population now own cryptocurrency, and a majority of G20 countries support its use.
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We are beginning to see real utility emerge across stablecoins, DeFi, and Web3. As crypto drives updates to the financial system, onchain activity is increasingly resembling the new internet.
Cryptocurrency is not only here to stay—it is the future of money. The industry has moved past the illicit behaviors that once clouded its reputation, and compliant growth is now underway. After a period of significant market correction, crypto asset values rose 90% this year, with fourth-quarter trading volumes up 60%. Today, 425 million people globally own cryptocurrency, and 83% of G20 nations and major financial centers have either implemented or are developing clear regulatory frameworks to provide certainty for the sector. With this scale and momentum, innovation will continue to accelerate. SEC approval of spot Bitcoin exchange-traded funds (ETFs) could unlock a new wave of growth for crypto as an asset class. But beyond investment, the real utility of crypto is expanding—from reshaping outdated financial infrastructure to enabling necessary modernization of century-old systems.
Every day, more consumers grow up in a digital world where they expect to transfer funds with speeds, reach, and autonomy far beyond what traditional financial institutions—or even online payment systems built atop them—can offer. They also want low-cost transfers without powerful intermediaries restricting access and charging high fees and interest rates. Today in the U.S., half or more of key consumer and voter groups are actively seeking alternatives to the current system—including 52% of adults aged 18–40, six out of ten Black Americans, and nearly half (47%) of Hispanic Americans. Cryptocurrency is helping build a more open and globally inclusive financial system.
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Globally, over 100,000 merchants and payment processors accept crypto payments, including PayPal and Visa. Key reasons include lower fees, faster settlement, and access to new customer bases.
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In 2022, global onchain stablecoin transaction volume approached $9 trillion—surpassing the combined total of Mastercard, American Express, and Discover. Stablecoins enable currencies like the U.S. dollar to exist digitally. They are faster, cheaper, and easier to use than fiat, while remaining equally stable and secure. For everyday users, they offer the benefits of cash without its drawbacks. In countries with unstable governments or currencies, they provide citizens with a reliable means for cross-border transactions.
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Countries with lower economic freedom—such as Argentina, Brazil, and Nigeria—have higher rates of crypto adoption relative to wealth (and are among the most populous nations globally).
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Workers abroad use crypto to send remittances. Around one in nine people worldwide depend on these funds. Crypto transfers are on average 96% cheaper than traditional methods and take just 10 minutes, compared to up to 10 days via conventional channels.
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Global financial hubs such as London, Zurich, Hong Kong, and Singapore are transforming into crypto centers, competing for the jobs and talent drawn to a more open and globalized system.
Crypto empowers individuals with economic freedom—ensuring they can control their own finances and participate fairly in the economy, free from constraints imposed by powerful traditional institutions. It enables people to build, create, and truly own the fruits of their labor. Coinbase is committed to expanding economic freedom for over one billion people. As crypto adoption grows, we are focused on building the most trusted, compliant products and services; supporting developers; and advocating for fair rules so the benefits of crypto can be realized both in the U.S. and around the world:
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Coinbase Wallet is redefining global money transfers by enabling anyone to send funds anywhere instantly and at no cost. No fees. No waiting days to access funds.
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Base, our decentralized, open Layer 2 network incubated by Coinbase, is paving a new path toward our goal of sub-second payments at less than one cent per transaction—enabling anyone, anywhere, to build groundbreaking onchain applications.
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Our new international exchange, offering spot and perpetual futures trading, aims to become a cornerstone of the global crypto ecosystem—redefining industry standards through our unwavering commitment to trust, security, and ease of use.
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Our "deeper, broader" international expansion strategy is accelerating global crypto adoption. We’ve recently secured licenses or expanded operations in key markets such as Canada, Spain, and Bermuda, and have designated Ireland as our EU MiCA entity location.
Coinbase is building a track defined by clear rules, broad collaboration, and trusted products and infrastructure to support innovation today and tomorrow. From the ongoing transformation of the financial system to the next chapter of crypto—when one billion people globally use decentralized services powered by crypto for cloud computing, commerce, and more—we believe onchain will ultimately become the new internet.
Coinbase chose to become a public company in the United States because we are committed to this market and to principles of compliance and transparency. This mission is especially critical for the U.S., particularly amid growing threats to the American Dream and the democratic values the nation represents. Both can only thrive where there is true economic freedom. We believe the U.S. will eventually get crypto right. In the meantime, we will continue partnering with other nations that are moving forward and embracing crypto—advancing a more open and globally inclusive financial system.
Crypto—and Coinbase—are just getting started.
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