The major American crypto exchange Coinbase has announced that it is working on its own blockchain. The network, called Base, should make it easier to develop decentralized applications (dApps). In addition, it should attract more than 1 billion new crypto users. The exchange writes that in a blog post.
Base as the basis for Coinbase
At the beginning of this month, the exchange launched Base’s testnet. It is a layer 2-low on top of Ethereum (ETH). The network should provide a “secure, low-cost, developer-friendly way for anyone, anywhere, to build decentralized apps or “dApps” onchain.” The ultimate goal is to bring more than 1 billion users to the crypto economy.
Coinbase will base its on-chain products on Base. In addition, everyone can build their own dApps on the network with which they gain access to the many users that Coinbase now has:
“Powerful acquisition tools enable developers to serve the more than 110 million verified users and access $80 billion in assets on the platform across the Coinbase ecosystem.”
Furthermore, the aim is to have the network act as a bridge to other ecosystems, including that of Solana (SOL). However, more networks will be added later.
Optimism (OP) rises sharply after news
Coinbase’s new network is built using the OP Stack, a toolkit for the Optimism network. The crypto news is of course music to the ears of the Optimism community. This is also clearly reflected in the OP price.
Shortly after the news, OP started to rise sharply. Ultimately, the altcoin is more than 16% up at the time of writing compared to 24 hours ago. It is not yet known whether Coinbase will release its own token for Base. The exchange has not disclosed any plans for this.
An interview with Coinbase previously appeared on Crypto Insiders. Daniel Seifert, Vice President and Regional Managing Director for the Europe, Middle East and Africa (EMEA) regions, discusses the plans of the crypto exchange in the Netherlands.