Coinbase Exchange introduces its latest Layer2 network upgrade, the Base Blockchain network

Coinbase Exchange introduces its latest Layer2 network upgrade, the Base Blockchain network

Time Stamp: August 17, 2023 4:00 AM
  • Coinbase has over 89 million users and more than $278 billion worth of crypto assets on the platform.
  • The exchange has accumulated about 13000 institutional clients since March 2022.
  • Coinbase Exchange, the second-largest crypto exchange, officially announced the fully operational Layer2 network system, the Base Blockchain system.

As the entire crypto industry is currently in turmoil with growing crypt lawsuits, hacks, and high volatility, very few still hold hope for the industry. Since the FTX crash, the entire ecosystem has become the main topic of controversy. Many regulatory bodies took the crash as an opportunity to seize control of the ecosystem. As a result, many blockchain-based companies have shut down their operations or sight after better environments.

Coinbase Exchange, the second-largest crypto exchange, has maintained its operation and liquidity throughout these difficult times. Despite the recent crypto lawsuit bombarding the exchange’s operations, Coinbase has continued to expand the ecosystem. In recent news, the second-largest crypto change launched the Base Blockchain network, a layer-two network that expands the entire crypto industry.

This new system and other networks are why Coinbase has managed to maintain its position at the top.

Coinbase Exchange dominates the franchise

Since 2013, Coinbase Exchange has become one of the fastest-growing crypto exchanges in this era. The second crypto exchange has earned its rightful place within the crypto industry, with a trading volume of $423,388,569 in the last 24 hours since writing.

The organization has become one of the fastest pioneers of crypto payments systems, forming collaborations with financial institutions like MasterCard and Visa. Brian Armstrong, Coinbase Exchange’s CEO, founded the company during the height of crypto trading. At the time, the industry was at its peak performance, with blockchain-based companies expanding beyond the financial system into other industries.

Coinbase-Exchange

Coinbase Exchange is the second largest crypto exchange supporting millions of crypto trades amid the crypto winter.[Photo/Medium]

Coinbase has had over 13000 institutional clients since March 2022, including a wide range of banks, brokers, pension funds, corporates, and hedge funds. Its advocacy for blockchain-based payment systems has inspired millions of innovators to adopt the new technology.

As the second-largest crypto exchange, Coinbase Exchange has one of the largest customer bases, rivaled only by Binance Exchange. With over 89 million users and more than $278 billion worth of crypto assets on the platforms, Coinbase Exchange has lived up to its reputation.

During the height of the Pandemic period, Coinbase shifted its directives and became a distributed company. This makes it one of the first organizations to switch to a full-time remote work structure. This significantly aided its effort to maintain its transaction rate. In addition, Coinbase Exchange launched a Visa Debit Card Program, one of the first mainstream crypto payment systems.

Unfortunately, its rapid rise to fame soon became the main topic of lawsuits in 2023. After the FTX crash, plenty of users lost faith in the crypto industry. Soon enough, crypto regulators turned toward Coinbase Exchange and unearthed several cases that proved fatal to their operations.

Fortunately, Coinbase has managed to maintain its operation despite numerous attempts to shut down its trading facilities. During this crypto war, Coinbase has managed to expand its systems and now introduced a new layer-2 network to support its operations.

Coinbase Introduces new network system

Coinbase Exchange, the second-largest crypto exchange, officially announced the fully operational Layer2 network, the Base Blockchain system. According to the report, this new Layer 2 network will herald a new era of public companies running distributed networks.

Coinbase Exchange unveiled that the Base Blockchain was operating, but only became accessible to the public on 9th August. According to Coinbase executives, the new business push for Coinbase has allowed the company to garner enough funds to establish its blockchain network.

Also, Read The SEC exerts pressure on Coinbase Exchange to shut down its services in the US.

Brian Armstrong wrote in a “secret master plan” in 2016 that the fourth phase of the company would involve the development of decentralized applications. The company held a direct listing of its shares on the Nasdaq in April 2021.

Jesse Pollak, who oversees the Base Blockchain, stated that the layer 2 network houses 100 DApps before its public reveal. Pollak said, “Historically, the aperture of what people can do with crypto has been relatively limited, mostly speculation. For Coinbase and crypto and this work that we’re doing to have the impact that we all want, we need to move from a place where this is speculation to a place where this is integrated into every part of someone’s day-to-day existence.“

For Coinbase Exchange, the Base Blockchain provides a way for the company to expand its services beyond financial constraints. In addition, the layer 2 network provides the platform for Coinbase Exchange to expand the crypto industry into other sectors.

Generally, Coinbase Exchange has managed to follow in similar footsteps as Ethereum. As the second crypto exchange, Coinbase can house and support blockchain-based startups. The Base Blockchain aligns with Coinbase Exchange’s drive to promote crypto mainstream. In recent months, Coinbase is among the few organizations to impact the crypto industry through its numerous partnerships. The Base Blockchain is among the long lines of effort for the second-largest crypto exchange. 

Conclusion

Despite Coinbase Exchange struggling with the recent crypto lawsuits, it has managed to stay true to its principles. The Base Blockchain provides the necessary platform to expand the crypto industry. Coinbase might just salvage the industry and with support from the community it may make crypto mainstream.

Also, Read Binance introduces a new crypto tax system in South Africa.

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