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Coinbase launches its own blockchain in first for a publicly listed company

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Coinbase Global announced the public launch of its Ethereum layer-2 blockchain Base on Wednesday. In doing so, the San Francisco-based cryptocurrency exchange became the first publicly listed company to launch its own blockchain network.

See related article: Coinbase launches bridge for layer-2 blockchain Base, sets mainet launch date

Fast facts

  • Coinbase claims that the Base blockchain network will allow users access to over 100 decentralized applications (Dapps). 
  • “Base was created with a clear vision: bring the next million builders and billion users onchain,” wrote Jesse Pollak, head of protocols for Coinbase, in a news release. “This serves to accelerate a global, decentralized financial system that will increase economic freedom around the world.”
  • Coinbase first trialed the blockchain in February. It then opened the network to builders in July, allowing users to bridge Ether to the Base network with certain developer tools.
  • Over US$127.3 million worth of Ether had been bridged to the Base blockchain as of Thursday afternoon in Asia, according to blockchain analytics platform Dune Analytics.
  • To mark the launch, Coinbase kicked off “Onchain Summer” — an event that it describes as a month-long celebration of blockchain art, music and gaming. Participants include Coca-Cola, game developer Atari and NFT marketplace OpenSea.
  • Meanwhile, the company remains under regulatory scrutiny from the U.S. Securities and Exchange Commission. The SEC filed a lawsuit against Coinbase and Binance.US in June for allegedly breaching securities laws. Both companies deny the allegations.

See related article: Blockchain Association joins Coinbase in pushing back against SEC over crypto crackdown

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