Coinbase (COIN) announced its Layer 2 blockchain, Base with the intention to onboard the “next billion users to web3”.
What is ‘Base’?
Coinbase’s layer 2 network, Base was launched with the aim to onboard more users into cryptocurrency. With Base, COIN wants to allow developers to integrate their products and provide fiat onramps. Its existing pool of users could introduce about $80M worth of assets into DeFi and other cryptocurrency protocols.
The Base testnet was announced on 23 Feb 2023, with the mainnet launch being in the works.
Why is it a big deal?
What makes Coinbase’s move noteworthy is that it is the publicly listed company to launch its own blockchain.
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