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Coinbase unveils Ethereum layer-2 blockchain ‘Base’ for decentralized finance

Coinbase

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TL;DR

  • Coinbase has unveiled its Ethereum layer-2 blockchain, Base, making it the first crypto exchange to do so publicly.
  • Base aims to usher in a new era of decentralized finance by inviting developers and users onto its network.
  • Despite its innovative move, Coinbase faces an ongoing SEC investigation alongside Binance.US.

Coinbase Global has achieved a groundbreaking milestone by publicly becoming the first cryptocurrency exchange to unveil its Ethereum layer-2 blockchain, Base. The much-anticipated launch took place on Wednesday, marking a significant step forward in decentralized finance. Conceived with a clear objective, Base aims to usher in a new era by inviting countless developers and users onto its blockchain network.

With a focus on enhancing individual economic freedom, the San Francisco-based exchange envisions a decentralized financial system that transcends borders. Jesse Pollak, Coinbase’s director of protocols, articulated this vision in a press release, underlining Base’s goal to empower the next wave of builders and users in the blockchain landscape.

Coinbase has strategically initiated “Onchain Summer,” a month-long celebration dedicated to blockchain art, music, and gaming. This vibrant event showcases the diverse possibilities offered by blockchain technology and has attracted notable participants, including Coca-Cola, Atari, and OpenSea, an NFT marketplace.

As Coinbase forges ahead with its innovative Base blockchain, it faces the parallel challenge of an ongoing U.S. Securities and Exchange Commission (SEC) investigation. In June, the SEC complained to Coinbase and Binance.US, alleging breaches of securities laws. However, both companies steadfastly rebuff these accusations.

The Base blockchain’s inception can be traced back to February, when Coinbase commenced preliminary tests. Subsequently, in July, the exchange opened its doors to developers, facilitating the seamless interaction between Ether and Base through carefully designed programming tools. The results are already evident: blockchain analytics platform Dune Analytics.company reports that over US$127.3 million worth of Ether has been successfully bridged to the Base blockchain.

Coinbase’s pioneering move into the public realm with its Ethereum layer-2 blockchain sets a precedent for the cryptocurrency industry. The launch of Base underscores the exchange’s commitment to innovation and ushers in a new era of possibilities for decentralized applications (Dapps) and the broader global economy.

Coinbase’s Base blockchain debut signifies a defining moment in the evolution of the cryptocurrency landscape. The exchange’s resolute vision for a decentralized future and its ongoing commitment to fostering blockchain-based creativity positions it at the forefront of a rapidly evolving industry.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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