Coinbase, a prominent US-based cryptocurrency exchange that is publicly traded, has announced the successful launch of its new blockchain named “Base.” This marks the commencement of a novel era where publicly traded companies establish and operate their own decentralized networks.
Although Base had been operational for developer testing, Coinbase officials disclosed that it would be accessible to the general public starting at 12 pm ET on Wednesday, a milestone that has now been achieved.
This strategic move by Coinbase, a highly observed entity in the cryptocurrency market, has the potential to generate revenue through blockchain operation fees, as well as potentially more lucrative earnings from applications developed on top of the blockchain.
In a 2016 document titled “secret master plan,” Coinbase’s CEO Brian Armstrong outlined that the company’s fourth developmental phase would focus on “decentralized apps” (dapps) with the aim of reaching a billion users. Coinbase had its shares directly listed on Nasdaq in April 2021.
Jesse Pollak, who supervises Base in his role as Coinbase’s head of protocols, stated in an interview on Tuesday that the new network already boasts around 100 dapps that have been deployed or are prepared for launch.
“Historically the aperture of what people can do with crypto has been relatively limited, mostly speculation,” according to Pollak.
“In order for Coinbase and crypto and this work that we’re doing to have the impact that we all want, we need to move from the place where this is speculation to a place where this is integrated into every part of someone’s day-to-day existence.”
Coinbase has revealed its intentions to kick off an “Onchain Summer” campaign in conjunction with the launch of Base. This initiative involves collaborating with corporate partners, such as Coca-Cola, to showcase the capabilities of the newly launched project.