Coinbase CEO Dismisses Rumors About the Launch of Base’s Token

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Coinbase CEO Dismisses Rumors About the Launch of Base’s Token
  • Coinbase CEO Brian Armstrong dismisses the rumors regarding the platform’s launch of a native digital token for Base.
  • Previously, Coinbase CLO Paul Grewal hinted at a potential launch of the Base token.
  • Armstrong expressed the teams’ satisfaction with Base’s progress since its launch.

In a recent interview, Brian Armstrong, the CEO of Coinbase, dismissed rumors regarding the platform’s endeavor to launch a native token for Base. Clarifying ambiguities that sprouted from a previous statement by Coinbase’s Chief Legal Officer Paul Grewal, Armstrong asserted, “We’re not planning to make any token for Base”

Previously, in September, Grewal hinted at the possibility of Coinbase introducing a native digital token for its Layer 2 blockchain network Base. However, the lawyer didn’t provide much details about the potential launch of the token. He cited,

I think a token could be viable at some point in the future. It’s not something we’ve ruled out entirely.

Contradicting Grewal’s words, Armstrong posited that Coinbase has “no plans” for issuing Base network’s token. Further, he elucidated Base’s progress since its launch in August 2023, expressing the team’s satisfaction. As per Armstrong, Base boasts a Total Value Locked (TVL) of around $500 million, becoming the third largest layer-2 network. He stated, “It has about $500 million in TVL, which is really good”.

Shedding light on the potential advancements of Base, Armstrong added that the “ambitious” goal of Base, along with other L2 solutions, is to facilitate an average transaction on Coinbase in under one second and one cent. Such a significant transition would require several enhancements, including the strategic shift towards choosing Layer-2 as the default option. In addition, the platform also envisions integrations, as the CEO cited, “Now, we’re doing the hard work to go integrate it with various applications.”

The CEO also shared his excitement at witnessing crypto platforms realizing the significance of layer-2 networks and adopting them. Armstrong used the analogy “internet moving from dialup to broadband” to highlight the phenomenal introduction of layer-2 networks.

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