NEW YORK – Brian Armstrong, CEO of Coinbase (COIN), is not deterred by a recent lawsuit brought against him by the U.S. Securities and Exchange Commission. His vision is to make the platform a “super app” that is available worldwide.

Armstrong believes that Coinbase will become ” super app” and help the Web3 economy. The term “super app” is applied to Web2 applications such as Tencent’s WeChat (SEHK:700), which offer a wide range of services, from financial services to booking doctor’s appointments.

He said that in Asia, “sometime [..]” people use apps for digital money. They do this in many different areas of their lives.

“I believe that Coinbase is this case we want to become that super app but it will all be based on decentralized protocols,” said Armstrong, adding that the app would be used for both money and assets as well as social interaction.

A Decentralized Application (or dapp) is similar to digital apps on mobile devices, but it uses blockchain technology. Dapps, by decentralizing their services, can create an economy of peer to peer services, which keeps the data of users out of reach of large companies. This eliminates monopolistic markets.

The SEC has accused Coinbase of being a broker, exchange, and clearing agency all at the same time. They were soliciting customers, processing orders, accepting bids, and acting as intermediaries at the same.

The case, as well as a action similar to Binance has sent shockwaves throughout the industry.

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Aoyon A. Ashraf is the editor.