Coinbase CEO Envisions a Future for 4 Billion “Unbrokered” Individuals

Coinbase CEO Brian Armstrong has introduced an ambitious plan to democratize global capital markets through the tokenization of assets on the blockchain. This initiative aims to reach approximately 4 billion adults globally who currently lack access to equity and bond investments, exacerbated by the rising gap between income from capital and labor.

Key Takeaways

Coinbase's Mission: Aimed at democratizing access to capital markets for 4 billion unbrokered adults globally.
Income Disparities: Highlighted issues between labor and capital income trends.
Global Participation: Less than 10% engagement in markets in some countries.
Tokenization Benefits: Proposed tokenization could lower trading costs significantly.
Key Policy Framework: Five structured pillars to facilitate tokenized markets.
Future Goals: Ambitious plans to roll out an “everything exchange” and enhance crypto participation.

The exchange has published a detailed policy document titled “From the Unbanked to the Unbrokered: Unlocking Wealth Creation for the World.” This paper argues that ongoing technological and economic barriers have systematically excluded two-thirds of the world's adult population from opportunities to build wealth.

In the United States, labor income has grown by 57% since 1987, while capital income has skyrocketed by 136%. Armstrong points out that this discrepancy has led to a structural obstacle preventing widespread prosperity.

Income Discrepancy

The Growing Capital Divide

The policy paper highlights the notion that participation in capital markets is primarily influenced by wealth and geography, rather than merit or diligence in saving.

Roughly 4 billion adults around the world do not engage in equity or bond markets, with participation rates in the U.S. at approximately 55-60% while countries such as China and India see figures drop to below 10%.

Participation Rates

Armstrong emphasizes the plight of capable individuals in cities like Lagos or Jakarta who, despite their talents and aspirations, have limited access to the same capital markets as affluent investors in New York, demonstrating how geography dictates access.

Additionally, the research uncovers a significant home bias among current investors. Statistics reveal that domestic equity holdings often surpass a country’s actual share of global market capitalization. Investors in regions like Indonesia, Russia, and Turkey are allocating over 95% of their portfolios to local markets, even though these markets comprise only minor portions of global equity value.

Home Bias

Blockchain Tokenization as a Solution

The proposed policy framework positions blockchain tokenization as a key tool for dismantling outdated financial structures that prevent small savers from participating.

Traditional financial systems come with fixed costs for compliance, custodianship, settlement delays, and minimum account balances that make participation unattainable for many. The paper asserts that recent analyses suggest tokenized equity trading could cut investor transaction costs by over 30%, with future efficiencies expected as technologies evolve.

Armstrong contends that “Permissioned systems inevitably replicate existing power dynamics, allowing infrastructure owners to limit competition,” suggesting that blockchain technologies are akin to internet protocols like TCP/IP, fostering open innovation without gatekeepers.

Key Policies for Tokenized Capital Markets

Coinbase has outlined five essential policy pillars to facilitate widespread adoption of tokenized capital markets:

Maintain base-layer neutrality, with compliance occurring at application levels.
Establish clear pathways to tokenize traditional assets.
Encourage integration with traditional financial institutions.
Acknowledge self-custody rights through blockchain transparency.
Update safeguards employing exchange controls instead of blanket wallet bans.

Modern tools for blockchain analytics now allow for the detection and tracing of suspicious activities, which counters the historical assumption that bearer instruments are inherently linked to illegal finance.

Vision for an "Everything Exchange"

Armstrong envisions success as allowing any small saver worldwide to easily convert their savings into fractional ownership of valuable global assets, similar to sending a text message.

He states, “When a farmer in a country without a functional stock exchange can own shares in the same companies as a hedge fund manager in New York, both on the same neutral infrastructure at basis-point costs, then the capital chasm will have truly narrowed.”

This policy announcement coincides with Coinbase commencing traditional stock trading for select users, directly competing with platforms like Robinhood, Charles Schwab, and Fidelity.

Armstrong recently shared three strategic focuses for 2026: building a global “everything exchange” encompassing crypto, stocks, prediction markets, and commodities, enhancing stablecoins and payment systems, and bringing users onto the Base blockchain.

“The goal is to make Coinbase the #1 financial app in the world,” he noted. The exchange is currently offering stocks through traditional means with plans to expand access for all users soon.

David Duong, Coinbase’s head of investment research, remarked that improved regulatory clarity and increasing institutional participation create a positive outlook moving forward.

“We expect these forces to combine in 2026 as ETF approval timelines shorten, stablecoins play a greater role in delivery-vs-payment scenarios, and tokenized collateral gains wider recognition,” Duong said. Armstrong anticipates that by the end of the decade, up to 10% of global GDP could operate on cryptocurrency infrastructure.