Coinbase stated that its staking services cannot be classified as securities by the US Securities and Exchange Commission (SEC).

Coinbase Launches Base Blockchain for Users

  • Coinbase believes its dispute with the SEC will not affect its plans for Base.
  • Over 100 applications are allegedly set to go live on Base.
  • The Base team has no plans to introduce a native token.

US-based crypto exchange Coinbase has launched the mainnet for Base, marking a new era where public companies operate their own distributed chains. Base is Coinbase’s Ethereum layer-2 network, which the exchange claims will help the development of millions of decentralized applications. 

Coinbase announced on Wednesday, August 9, that the Base network was ready to onboard users after spending weeks in an “open for builders only” phase. Coinbase originally launched Base in a beta version in February. Last month, Base launched its mainnet for builders. However, Coinbase noted that the new service was not ready for the broader crypto community at the time. However, today’s launch means that Base is now available to the public.

Interestingly, several Web3 teams have announced plans to release apps for Base. The crypto world has shown massive enthusiasm since Coinbase announced plans to launch the new service last week. About 100 applications are reportedly set to deploy on the new blockchain service.

Jesse Pollak, Coinbase’s senior director of engineering, expressed delight at the response to the new service. He remarked that “it’s incredibly exciting that there’s been so much energy and appetite for folks to come and use Base, even before we publicly launched.”

Pollak explained that the new service is part of its strategy to attract millions of people to Web3 by displaying other aspects of blockchain other than cryptocurrencies. Pollak further added that Base would not have any native tokens, which he claims prevents the focus from being on developers and their work.

Pollak said in a statement,

Historically, the aperture of what people can do with crypto has been relatively limited, mostly speculation. In order for Coinbase and crypto and this work that we’re doing to have the impact that we all want, we need to move from the place where this is speculation to a place where this is integrated into every part of someone’s day-to-day existence.

According to Pollak, Coinbase wants its users to see Base “an opportunity for growth and expansion.” However, Pollak explained that crypto exchange believes “it’s really important that we incubate and curate a Base native community where folks who are really building base first, and creating for this new kind of world.”

Some executives believe that Coinbase’s new business initiative might eventually enable it to generate fees from operating its own blockchain. In addition, the crypto exchange could also enjoy a lucrative source of income from applications created on top of it.

Coinbase believes the SEC case won’t affect Base

Coinbase launched its new service amidst an ongoing dispute with the US Securities and Exchange Commission (SEC). However, Pollak believes that the dispute will not interrupt plans with Base.

Pollak noted that the SEC’s action targets aspects of Coinbase’s business that are unrelated to Base, which eliminates any concern of interference.

Lawrence Woriji
Lawrence Woriji Verified Author

I have covered some exciting stories in my career as a journalist and find blockchain-related stories very intriguing. I believe Web3 will change the world and want everyone to be a part of it.

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