CEO of cryptocurrency exchange Coinbase Brian Armstrong stated the company’s intentions to become a financial super app. He stated this in an interview with Fox Business.

“We want to be people’s main account. And cryptocurrencies have every reason to provide that. These are modern, efficient ‘rails’ that make all payments in the economy fast and cheap,” Armstrong noted.

The expert also added that payment infrastructure based on cryptocurrencies has obvious advantages over the traditional one.

He is surprised by the fact that until now it is necessary to pay a commission of 2-3% for each transaction with a card. These costs are either borne by the user or passed on to the merchant, but in either case result in an increase in the final price, Armstrong believes.

In his opinion, this is just “data transfer over the internet” that shouldn’t cost that much.

In addition, the CEO of Coinbase commented on the Clarity Act bill, which should create a regulatory framework for cryptoassets that are not stablecoins. According to him, the adoption of the document is an important step for the formation of a competitive marketplace

“So this legislation is moving along beautifully. I’ve never been more optimistic about the chances of it getting passed. This train has already moved, and there are people from both parties in the Senate who are eager to pass it as a law,” Armstrong said.