Coinbase Founder: Cryptocurrency Payments Will Spark a New Revolution in the Financial Sector

Breaking news from TechFlow at DeepTech: Coinbase founder Brian Armstrong recently stated at a Goldman Sachs conference that a decentralized payment protocol built on Ethereum has achieved a breakthrough, with transaction confirmation times reduced to under 1 second and fees as low as $0.01. He emphasized that this makes cryptocurrencies the best global payment channel currently available, meeting the advantages of speed, low cost, and global reach.

Brian Armstrong pointed out:

1. Cryptocurrency payment advantages are evident: Compared to traditional payment methods such as credit cards (fast but expensive), ACH transfers (cheap but slow), and WeChat Pay (fast, cheap but regionally restricted), cryptocurrency payments have comprehensive advantages.


2. Significant increase in stablecoin trading volume: These advantages have driven stablecoin trading volumes to grow by 200%-300% annually.


3. Wide range of potential applications: A fast, low-cost global payment system could completely transform social media interactions, wage payment methods, and even eliminate the need for financial products like payday loans.


4. New engine for economic growth: A decentralized global financial system is expected to significantly reduce economic friction and promote overall growth.

He predicts that similar to the communication revolution brought by free SMS services, cryptocurrency payments will usher in a new wave of transformation in the financial sector, potentially leading to an order of magnitude increase in transaction activity.