Is Coinbase cool again? 👀
Last week the company made its announcement of a new blockchain called Base. The blockchain is a so-called layer-2 chain that sits atop Ethereum that will process transactions more cheaply and efficiently, and is built using code from Optimism, a popular open-source project that is already one of the leading projects in the effort to scale Ethereum.
The launch of Base is significant for several reasons… For starters, it means Coinbase has finally joined rival Binance in operating its own blockchain. This provides the company with a convenient platform to introduce its millions of customers to a variety of decentralised apps, potentially accelerating the broader world of Web3. Coinbase is also reportedly pitching Base as a key developer forum, which could both broaden its influence and help it with its long-running effort to diversify its revenue stream.
While the Base rollout was not without hiccups, the overall vibe of the project appears to have won Coinbase renewed goodwill with influential figures in the crypto world.