BasEx | CEO of Coinbase on Base L2 Network Token
Coinbase CEO Excludes Launch of L2 Network Base Token
03.12.2023
Coinbase CEO Excludes Launch of L2 Network Base Token

Bitcoin exchange Coinbase is abandoning plans to issue a token for its L2 network Base, as reported by the company's head Brian Armstrong in an interview with Decrypt. "There is no plan to create tokens for Base," he stated. Coinbase's Chief Legal Officer, Paul Grewal, had previously not ruled out the possibility of issuing a token, but a September message in the Base profile on social network X refuted these rumors.

From the outset, Base developers emphasized that the L2 solution does not include token issuance, and transaction fees are paid in ETH. Armstrong expressed satisfaction with the progress of Base since its launch in August, noting that the network has become the third among L2 solutions with a TVL of about $500 million.

Coinbase is now focused on integrating Base with various applications. Armstrong pointed out that the company's goal is to make the L2 network part of the wider crypto community, not just the bitcoin exchange ecosystem. He also highlighted the ambitious goal of making the average transaction on the exchange faster than a second and cheaper than a cent, for which the majority of transactions must be on the second level.

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