On August 9, 2023, Coinbase, a leading crypto wallet and exchange, announced the release of “Base,” which it describes as “a ‘bridge’ for users into the cryptoeconomy.” Its goal? To house Coinbase’s existing on-chain products and an open ecosystem for millions of new decentralized apps.

Base was much-hyped even in its development stage. “I think it’s incredibly exciting that there’s been so much energy and appetite for folks to come and use Base, even before we publicly launched,” said Jesse Pollak, Coinbase’s senior director of engineering, in an interview with Decrypt.

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The company says it has no plans to release a corresponding token at this time. In so doing, Coinbase may also be avoiding a regulatory minefield at a time when it is already facing serious legal pressure. On June 6, Coinbase was sued by the Securities and Exchange Commission for allegedly operating as an unlicensed securities exchange.

The agency also accused Coinbase of dealing in unregistered securities, among which it said were popular tokens like Solana, Polygon and Cardano. 

Thus far, B

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Author: Decrypt Staff

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