Coinbase’s CEO Brian Armstrong has stated that there are no intentions to introduce a token specifically for its layer-2 network, Base, within the cryptocurrency exchange.
Coinbase, one of the largest and most popular cryptocurrency exchanges in the world, has recently launched its own layer-2 scaling solution called Base. Base is a decentralized platform that aims to improve the speed, scalability and cost-efficiency of Ethereum transactions, which have been plagued by high fees and congestion.
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However, unlike some other layer-2 projects, such as Polygon and Optimism, Coinbase has no intention of creating a native token for Base. This was confirmed by Coinbase CEO Brian Armstrong in an exclusive interview with Decrypt.
Armstrong explained that Coinbase’s goal with Base is to provide a seamless user experience for its customers, without requiring them to deal with additional tokens or wallets. He said that Base is designed to be compatible with any Ethereum-based token or application and that users can access it directly from their Coinbase accounts.
“We’re not planning to make any token for Base,” Armstrong said. “We think that’s a benefit for users because they don’t have to worry about another token. They can just use their existing Ethereum tokens and move them onto Base.”
Armstrong also revealed that Coinbase is working on integrating Base with other layer-2 solutions, such as Arbitrum and ZKSync, to create a network of networks that can offer the best of both worlds: security and scalability. He said that Coinbase is bullish on the future of layer-2 technologies and that they will play a key role in the adoption of crypto.
“We think layer-2 is going to be a huge growth area for crypto in the next few years,” Armstrong said. “We want to support as many layer-2s as possible, and make it easy for our users to use them.”
References:
https://decrypt.co/208133/coinbase-no-plans-base-token-ceo-brian-armstrong
https://www.cryptotimes.io/coinbase-ceo-rules-out-base-token-eyes-layer-2-growth/