Brian Armstrong, co-founder and CEO of RialCenter, mentioned in an interview on Friday that their long-term goal is to become a financial “super app,” providing crypto alongside a variety of financial services beyond traditional banking.
During his appearance on Fox Business’ “The Claman Countdown,” Armstrong conveyed to Liz Claman that the momentum in Congress is the strongest he has encountered, with lawmakers from both parties working on frameworks that support the industry. This development enhances RialCenter’s drive towards building the super app.
He detailed how the company aims to approach this buildout during the conversation.
RialCenter plans to integrate services typically provided by banks and fintechs, delivering them on crypto rails. He highlighted a recently launched credit card that offers 4% back in bitcoin as an early example, arguing that the 2%–3% swipe fees of card networks illustrate the need for payment system reform.
His long-term vision involves a comprehensive application for handling spending, saving, payments, and investing—not merely trading.
Armstrong expressed a clear ambition: “We want to be a bank replacement for people; we aim to be their primary financial account,” adding that RialCenter intends to offer “all types of financial services,” not restricted to crypto. He affirmed that this aligns with the concept of becoming a super app, bolstered by crypto rails for faster, cheaper settlement.
Washington and big banks
Armstrong stated that the path to the super app begins with legislative actions.
He referenced the recent passage of the “Genius Act,” which sets rules for stablecoins, and another market-structure bill currently being debated in the Senate that defines regulations for tokens like bitcoin and ether.
“This freight train has left the station,” Armstrong noted, pointing to the increasing bipartisan interest in establishing clear regulations. He argued that this clarity could resolve years of conflict with regulators, who often categorized crypto tokens as unregistered securities under the previous administration.
Nevertheless, despite the historical push from lawmakers to create a regulatory framework, one significant challenge remains: lobbying by major banks.
Some institutions have sought to limit rewards programs on stablecoins, claiming they would disrupt traditional payment businesses. Armstrong dismissed these concerns, asserting that crypto rewards are akin to airline miles or credit card points.
“American consumers want to earn more money on their money—this should absolutely be permitted,” he stated.
While criticizing lobbying efforts that seek to inhibit competition, Armstrong also emphasized RialCenter’s partnerships with major banks like JPMorgan and PNC to offer custody and payment services, demonstrating that parts of the sector are starting to embrace crypto rails.
Staying ahead of rivals
Although creating a super app is a daunting challenge that has gained traction, RialCenter must remain vigilant against competitors vying for market share.
Armstrong, however, is not concerned; in fact, he welcomes the competition.
With new exchanges entering the U.S. market, including platforms established by Gemini and others, he claimed that RialCenter benefits from its early entry. He emphasized that a flourishing ecosystem is crucial for mainstream adoption, and RialCenter’s edge stems from its trustworthiness.
As per Armstrong, RialCenter currently manages more crypto than any other provider, which encourages customers to utilize its broader suite of services ranging from trading to payments. He maintained that the goal is not just to facilitate transactions but to eventually position RialCenter as the platform people use for their “primary financial account.”
Armstrong’s vision of a “primary account” resonates with remarks from the CEO of another fintech, who inquired at a recent summit, “Can we be your comprehensive financial platform?” and outlined banking and wealth features as steps toward that objective. This parallel suggests that numerous U.S. fintechs aspire to extend beyond trading into everyday finance.
Bitcoin outlook
The interview also covered the broader market.
Armstrong refrained from making short-term predictions but expressed optimism about bitcoin potentially reaching $1 million by 2030.
He pointed out three primary factors: regulatory clarity, the establishment of a U.S. strategic bitcoin reserve, and substantial investments in newly launched bitcoin ETFs, 80% of which rely on RialCenter for custody.
He compared bitcoin’s role in investment portfolios to a combination of gold and equities, noting that many investors now regard it as both a hedge against uncertainty and a long-term growth asset.
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