Coinbase, the leading US-based cryptocurrency exchange, has recently launched a new Ethereum layer-2 network called Base. According to Will Robinson, the vice president of engineering at Coinbase, Base is a product born out of the exchange’s sturdy movement internally to build more things on-chain. Robinson hopes that Base would become the default on-chain home for Coinbase to steer its users into the larger crypto ecosystem, while partnering with developers to build applications for mass adoption.
In a recent episode of Cointelegraph’s Hashing It Out podcast, Robinson discussed his vision for the future of the cryptocurrency industry. Despite the regulatory activity and “drama in the market,” Robinson believes building in the crypto space has never been this exciting. He states, “I think the world is moving on-chain by default. It is going to happen in fits and starts — on-chain is the new online.“
As part of Coinbase’s plan to build more on-chain tools, they have launched Base, an Ethereum layer-2 network. Multiple layer-2 networks have already been released, such as Arbitrum and Optimism, who have also released their ecosystem tokens. However, rumors on social media suggest that Coinbase may release a token for the Base network, but Robinson says there will be no token or airdrop.
Late last year, Coinbase launched an asset recovery tool for users who “mistakenly send unsupported tokens” to exchange addresses. According to Robinson, the ERC-20 recovery tool has been used by over 10,000 users who have recovered over $150 million in assets. This is a significant addition to Coinbase’s existing tools, which include a wallet-as-a-service product that is attracting Web2 applications intending to add Web3 features such as digital collectibles or nonfungible tokens.
Coinbase’s vision for the future of the cryptocurrency industry is clear: they see the world moving on-chain by default, making on-chain the new online. With Base, they hope to create an on-chain home for their users that will steer them into the larger crypto ecosystem. Robinson believes that partnering with developers to build applications for mass adoption is key in achieving this goal.
In addition to Base, Coinbase’s existing tools and products are designed to make it easier for users to navigate the crypto space. The wallet-as-a-service product is attracting Web2 applications intending to add Web3 features, while the ERC-20 recovery tool has already saved users millions of dollars in lost assets. Coinbase understands the importance of user experience and is actively working to make it as seamless as possible.
It is clear that Coinbase is an integral player in the cryptocurrency space, with plans to continue building on-chain tools and products to make it easier for their users to navigate the larger crypto ecosystem. Robinson’s vision for the future of the industry is exciting, and as Coinbase continues to make strides towards achieving it, we can expect to see even more growth and adoption within the space.