Coinbase Launches Base To Bring Next Billion Users Into Web3, Cryptoeconomy

Coinbase Global Inc COIN announced the launch Thursday of layer 2 network Base and the Base Ecosystem Fund to support early stage projects on the network.

Coinbase said it will use Base as a home for its on-chain products. Base will also serve as an open ecosystem through which anyone can build decentralized apps or dapps on-chain and help bring the next billion users to Web3.

Base will provide easy, secure access to Ethereum ETH/USD and other ecosystems like Solana SOL/USD, according to the cryptocurrency exchange.

“We see Base as a ‘bridge’ for users into the crypto-economy. It’s an easy-to-use default on-chain experience with access to products on other chains,” Coinbase’s vice president of engineering Will Robinson said in a blog post. “Along with making Base interoperable with other chains, we will continue supporting as many chains as possible across Coinbase products.”

Using Base, developers will be able to better serve over 110 million verified users and access $80 billion or so in assets on platform in the Coinbase ecosystem.

Photo courtesy of Coinbase.