Coinbase Launches Blockchain, Edges Closer to Goal of Reaching 1B People

Coinbase Launches Blockchain, Edges Closer to Goal of Reaching 1B People

Time Stamp: August 9, 2023 4:22 PM
Coinbase Launches Blockchain, Edges Closer to Goal of Reaching 1B People PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Base, a
layer 2 blockchain created by Coinbase, the biggest cryptocurrency exchange
in the United States, went live for public access today (Wednesday).

The move
comes as the publicly traded company, which is one of the largest digital asset
exchanges in the world, aims to reach 1 billion
people through
decentralised applications (DApps) built on blockchains.

With the
launch of the network, which will enable users to move Ether between the
Ethereum mainnet and Base, Coinbase joins the likes of public firms such as IBM
and Microsoft, that have launched their blockchain networks. The new venture
will enable Coinbase to earn revenues from DApps built on the network.

“Base is an
investment in innovation, not to earn a bunch of profits,” Jesse Polak, creator
of Base and the Head of Protocols at Coinbase, told CoinDesk in an interview, explaining
that more uses of
cryptocurrencies create opportunity for monetization.

Already,
Base has amassed over $140 million in total value locked (TVL), according toL2Beat, a crypto analytics and research
website. This is even as the platform
went live for developers earlier in July, enabling them to test DApps in the
network.

The TVL
makes Base the fifth largest layer 2 blockchain, behind dYdX, zkSync Era and OP
Mainnet. Arbitrum One leads the pack with over $6
billion in TVL, L2Beat data shows.

As part of the Base launch, Coinbase today launched ‘Onchain Summer’, which it
describes as a multi-week celebration of art, culture, gaming and community. The event will host several top brands, including Coca-Cola.

Coinbase’s
Financial Standing

Meanwhile,
the public launch of Base is parallel with the cryptocurrency exchange’s
efforts to narrow its losses as trading volumes decline. During
the second quarter of this year, Coinbase’s net loss went down from $1.1
billion to $97 million, Finance Magnates reported.

The crypto
exchange is also repurchasing a portion
of its $1 billion bond expiring in September 2031. The buyback, which is being handled by Citigroup’s brokerage arm, will enable the Nasdaq-listed firm to
reduce its interest expenses.

GO Markets expands into Asia; BaFin investigates Worldcoin; read today’s nuggets.

Base, a
layer 2 blockchain created by Coinbase, the biggest cryptocurrency exchange
in the United States, went live for public access today (Wednesday).

The move
comes as the publicly traded company, which is one of the largest digital asset
exchanges in the world, aims to reach 1 billion
people through
decentralised applications (DApps) built on blockchains.

With the
launch of the network, which will enable users to move Ether between the
Ethereum mainnet and Base, Coinbase joins the likes of public firms such as IBM
and Microsoft, that have launched their blockchain networks. The new venture
will enable Coinbase to earn revenues from DApps built on the network.

“Base is an
investment in innovation, not to earn a bunch of profits,” Jesse Polak, creator
of Base and the Head of Protocols at Coinbase, told CoinDesk in an interview, explaining
that more uses of
cryptocurrencies create opportunity for monetization.

Already,
Base has amassed over $140 million in total value locked (TVL), according toL2Beat, a crypto analytics and research
website. This is even as the platform
went live for developers earlier in July, enabling them to test DApps in the
network.

The TVL
makes Base the fifth largest layer 2 blockchain, behind dYdX, zkSync Era and OP
Mainnet. Arbitrum One leads the pack with over $6
billion in TVL, L2Beat data shows.

As part of the Base launch, Coinbase today launched ‘Onchain Summer’, which it
describes as a multi-week celebration of art, culture, gaming and community. The event will host several top brands, including Coca-Cola.

Coinbase’s
Financial Standing

Meanwhile,
the public launch of Base is parallel with the cryptocurrency exchange’s
efforts to narrow its losses as trading volumes decline. During
the second quarter of this year, Coinbase’s net loss went down from $1.1
billion to $97 million, Finance Magnates reported.

The crypto
exchange is also repurchasing a portion
of its $1 billion bond expiring in September 2031. The buyback, which is being handled by Citigroup’s brokerage arm, will enable the Nasdaq-listed firm to
reduce its interest expenses.

GO Markets expands into Asia; BaFin investigates Worldcoin; read today’s nuggets.

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