Coinbase Tokenization Director: Base Blockchain will use Ethereum Proof of Identity Service and Coinbase

Coinbase’s Ethereum Layer 2 Base blockchain will save time on Know Your Customer (KYC) and Anti-Money Laundering (AML) verifications by using Ethereum Proof of Identity Services and Coinbase, said Anthony Bassili, head of tokenization at Coinbase. This will create a label on the user’s so-called Smart Wallet. Customers can be verified by Coinbase after completing the KYC process. While this may not be enough for all cases, Bassili said that we expect to eventually evolve into something like a KYC-dependent model, which will begin to form a market structure that makes the KYC process easier. More than 300,000 wallets have already been verified.