Coinbase reveals Layer-2 blockchain network


The Nasdaq-listed crypto company Coinbase announced the launch of the testnet of “Base”.

Coinbase is a Nasdaq-listed public crypto exchange, which trades under the index COIN. This company was founded by Brian Armstrong and Fred Ehrsam in 2012 and Armstrong is the current CEO of this exchange. On April 14, 2021, Coinbase became a public company on the Nasdaq exchange via a direct stock listing. To this date, Coinbase is standing strong as a second-ranked crypto company in the world by 24-hour global crypto trade volume on this platform. 

On 23 Feb 2023, Coinbase exchange tweeted a simple light blue coloured circle logo clip. Popular crypto influencer David Gokhshtein noted that the crypto sector may see a new crypto token.

On the same day, Coinbase published a blog post about “Base”, a layer-2 scaling network friendly for the Ethereum blockchain. 

The Coinbase team confirmed the launch of the test net version of the Base blockchain and confirmed that it will be helpful for all the decentralised apps, DApps & devs to implement their innovations. 

The base will allow secure, low-cost, & fully decentralised transactions of tokens via its network. It will be dedicated to the Ethereum Layer-1 blockchain but still will support multiple blockchain networks. 

Here people need to note that here Base blockchain will not bring any kind of new crypto token, instead will use ETH coin as a native token to pay gas fees. And aimed to bring billions of users & Web3 innovations to this new layer-2 scaling network. 

In the past, Coinbase never planned to bring its native Crypto token, despite majority of the crypto exchanges launched their native crypto token.

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