Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
Home»BLOCKCHAIN NEWS»Coinbase CEO reveals why the company has no plans for a Base token
BLOCKCHAIN NEWS

Coinbase CEO reveals why the company has no plans for a Base token

By Crypto FlexsDecember 1, 20232 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Coinbase CEO reveals why the company has no plans for a Base token
Share
Facebook Twitter LinkedIn Pinterest Email

In a recent interview with Decrypt, Coinbase CEO Brian Armstrong confirmed the company’s decision not to issue tokens for Base, a layer 2 network.

Contrary to previous speculation and a statement from Coinbase Chief Legal Officer Paul Grewal, Armstrong emphasized that there are no plans to create a Base network token. This announcement is significant as it reflects Coinbase’s strategic approach to layer 2 network development and interaction with the broader cryptocurrency ecosystem.

Launched in August, Base has seen remarkable growth, becoming the third-largest layer 2 network in terms of total value locked (TVL), boasting nearly $500 million in TVL and one million interactive wallets since its inception.

Layer 2 networks, built on top of existing blockchain systems such as Ethereum (ETH), solve the scalability issues inherent in base layer networks by providing faster and cheaper transaction capabilities. Base’s rapid rise in this competitive environment is noteworthy and highlights its potential impact on the cryptocurrency market.

Armstrong’s vision for Base extends beyond Coinbase’s proprietary interests. He envisions Base as a community-driven project that can interoperate with the wider cryptocurrency ecosystem. Base’s foundation on Ethereum’s Optimism (OP) stack is a strategic move to ensure this broad compatibility and community participation. This approach, combined with support from Coinbase, aims to build trust and stability in the network.

Armstrong also set ambitious performance goals for Coinbase trading, targeting an average transaction time of “less than one cent per second.” Achieving these goals will require substantial improvements to Base and broader integration of layer 2 solutions across the Coinbase platform.

“It’s not just about Base. It’s like integrating the Lightning Network into Bitcoin and other very fast layer 1s like Solana,” Armstrong added. He notes that currently about 7% of transactions through Coinbase use Layer 2, and internal goals are set to “get that number much higher” as part of a “multi-year effort.”

Armstrong acknowledges the burgeoning interest from other exchanges, such as Kraken and OKX, in developing layer 2 solutions, but cautions against a fragmented environment where each application operates its own layer 2 network. He advocates consolidation around several layer 2 networks to optimize efficiency and interoperability in the cryptocurrency space.

Follow us on Google News

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

NVIDIA RTX strengthens FITY’s AI -centered innovation in Cooler Design.

June 27, 2025

British trail EU, US encryption regulation, think tank warning

June 22, 2025

ZKJ Crypto Price Pumps 20%: Dead Cat Bounces?

June 17, 2025
Add A Comment

Comments are closed.

Recent Posts

No Altcoin Season 2025 ? Why Bitcoin Dominance Is Holding Strong In The Crypto Market

June 28, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Safe smart account audit summary

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

Bybit Expands Global Reach With Credit Card Crypto Purchases In 25+ Currencies And Cashback Rewards

June 27, 2025

BYDFi Joins Seoul Meta Week 2025, Advancing Web3 Vision And South Korea Strategy

June 27, 2025

Earns $9,800 Per Day With BTC Breaks Through $107,000, GoldenMining Global Market.

June 27, 2025

Why Bakkt Holdings can buy Bitcoin with a $ 1 billion increase

June 27, 2025

NVIDIA RTX strengthens FITY’s AI -centered innovation in Cooler Design.

June 27, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

No Altcoin Season 2025 ? Why Bitcoin Dominance Is Holding Strong In The Crypto Market

June 28, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Why It Matters For Every Crypto Investor

June 27, 2025
Most Popular

Bitcoin price resumes its rebound as bulls now target $75,000.

March 12, 2024

Dogecoin’s three-year channel breakout suggests a 500% rally is possible in 2025.

October 31, 2024

Canaan Inc. secures $ 200 million in finance through the series A-1 priority.

March 12, 2025
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.