Coinbase Ditches Rivals for Base Layer 2 Network
Coinbase has made Base its primary chain for all financial actions on its platform. The exchange is building a unified system where every transaction, whether it happens on the main Coinbase platform or in Coinbase Wallet, runs through the Base Layer 2 network.
The move solidifies Base's position as 'the blockchain for global finance,' according to its head, Jesse Pollak. Base has reached an all-time high of $5.7 billion in total value locked across decentralized finance protocols and accounts for a significant share of Coinbase's on-chain activity.
Coinbase Wallet was previously rebranded as the 'Base App' but is now back under its original name, with a focus on multichain trading while still using Base as the dominant platform for asset discovery and trading activities. J.P. Morgan has initiated pilots using its JPMD deposit tokens on the Base network, targeting 24/7 instant settlements with near-zero transaction costs.