- Coinbase CEO Brian Armstrong dismisses the rumors concerning the platform’s launch of a local digital token for Base.
- Beforehand, Coinbase CLO Paul Grewal hinted at a possible launch of the Base token.
- Armstrong expressed the groups’ satisfaction with Base’s progress since its launch.
In a current interview, Brian Armstrong, the CEO of Coinbase, dismissed rumors concerning the platform’s endeavor to launch a local token for Base. Clarifying ambiguities that sprouted from a earlier assertion by Coinbase’s Chief Authorized Officer Paul Grewal, Armstrong asserted, “We’re not planning to make any token for Base”
Beforehand, in September, Grewal hinted at the opportunity of Coinbase introducing a local digital token for its Layer 2 blockchain community Base. Nevertheless, the lawyer didn’t present a lot particulars concerning the potential launch of the token. He cited,
I feel a token could possibly be viable sooner or later sooner or later. It’s not one thing we’ve dominated out totally.
Contradicting Grewal’s phrases, Armstrong posited that Coinbase has “no plans” for issuing Base community’s token. Additional, he elucidated Base’s progress since its launch in August 2023, expressing the workforce’s satisfaction. As per Armstrong, Base boasts a Complete Worth Locked (TVL) of round $500 million, changing into the third largest layer-2 community. He acknowledged, “It has about $500 million in TVL, which is actually good”.
Shedding gentle on the potential developments of Base, Armstrong added that the “formidable” purpose of Base, together with different L2 options, is to facilitate a median transaction on Coinbase in below one second and one cent. Such a big transition would require a number of enhancements, together with the strategic shift in direction of selecting Layer-2 because the default choice. As well as, the platform additionally envisions integrations, because the CEO cited, “Now, we’re doing the onerous work to go combine it with numerous functions.”
The CEO additionally shared his pleasure at witnessing crypto platforms realizing the importance of layer-2 networks and adopting them. Armstrong used the analogy “web transferring from dialup to broadband” to focus on the exceptional introduction of layer-2 networks.
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