Coinbase, the publicly-traded U.S. crypto exchange, is launching its new Base blockchain on Wednesday, expected around noon ET (9 am Pacific time). The new network, a “layer 2” blockchain built atop Ethereum, is expected to immediately vault into the top ranks of rival projects. Even prior to its official public debut, there was already $133 million of deposits locked into apps and protocols on the Base network, according to the crypto analysis firm Dune.
Coinbase’s Jesse Pollak, creator of Base and head of protocols, spoke with CoinDesk about the new blockchain’s strategy, revenue potential, and regulatory considerations. Pollak emphasized that no publicly-traded company has ever launched its own blockchain, so “there’s no playbook” for how to go about it.
Pollak said that Coinbase’s “guiding North Star” has been to enable people to safely and easily do things with crypto. He added that Coinbase’s “secret master plan” is to have a billion people in the crypto economy using millions of dapps that make their lives better.
Pollak said that the revenue opportunity comes from the apps, not from running the sequencer of the blockchain. He added that Coinbase will continue to provide the easiest-to-use, most-trusted experience on top of Base.
Pollak also said that Coinbase has applied all of its rigor to launching the blockchain, working with legal, compliance, finance, privacy, and regulatory teams to ensure that it is done to Coinbase’s values.