New Base Protocol from Coinbase Set to Go Live Later This Year

Leading digital currency exchange Coinbase is getting ready to release its new Base protocol in late 2023.

Coinbase Says It Will Bring One Billion Users Onboard

Base is an Ethereum-focused, layer-2 blockchain. The program has been in a testing phase since February of this year, and those in charge are now preparing it for a mainnet launch that will allow it to be utilized by all the exchange’s customers.

Jesse Pollack – the lead for Base – recently divulged several facts about the upcoming protocol in an interview. He said that while Coinbase is not set on releasing any official timelines or dates just yet, he can confirm that 2023 will be the year in which it becomes fully available. He stated:

It’s coming soon. We’re working hard on it. It’s our number one priority alongside decentralization goals, and the rest of the year is about making sure we get there as quickly as possible.

The move will mark a nice change of pace for the once prominent digital currency trading platform. While still popular amongst many crypto traders and fans, Coinbase has endured its fair share of blows to the head in recent weeks in the shape of the Securities and Exchange Commission (SEC), which recently sent a Wells notice to the prominent investing enterprise.

While a Wells notice does not instigate that the company has been charged with a crime, it hints that potential charges may be coming soon, and that the firm should prepare itself. Coinbase took serious issue with the notice and claimed that it met with SEC officials several times over the past few years to ensure it always remained compliant with present rules and regulations.

Not long ago, Coinbase mentioned that the regulatory environment in the United States has grown so speculative and frightening that the company is now considering leaving America and setting up shop in Bermuda. While U.S. customers will still be privy to services offered by the firm, the company will no longer be settled on American soil.

Pollack continued his statement by claiming that the company is looking to bring at least one million builders on board, which will in turn lead to about one billion more users. The goal is to have everyone on-chain and provide access to “easy to use” crypto-centered products. He said:

I think less about Base passing Coinbase and more about how Base plus Coinbase over the next decade are going to work together to bring those million developers [and] billions of users on-chain.

Keeping Things Off the Radar

He also said that per verbiage issued by Brian Armstrong – the CEO of Coinbase – the program is going to be fully decentralized.

This makes perfect sense given the many issues the company has clearly dealt with from the SEC and similar agencies.

Tags: Base, coinbase, SEC