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Coinbase will transfer customer and enterprise USDC balances to Base
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Author: Brayden Lindrea, CoinTelegraph; Compiler: Deng Tong, Golden Finance
Coinbase will transfer more customers and corporate USDC stablecoin accounts to Base - Ethereum launched more than seven months ago Layer 2 blockchain.
Coinbase Vice President Max Branzburg posted on X on March 26 that the move would allow the cryptocurrency exchange to “manage and protect customer funds with lower fees and faster settlement times.” ".
This change only affects Coinbase.com accounts, not Coinbase wallets, as these users are responsible for their own private keys.
Currently, Coinbase.com user tokens are secured by Coinbase in MPC-protected wallets.
Source: Max Branzburg
Branzburg emphasized that Coinbase always holds customer assets at a ratio of 1:1. Funds will not be loaned unless instructed to do so.
David Hoffman, co-host of the Ethereum-themed show Bankless, explained in a March 26 post that Coinbase’s on-chain initiatives will pave the way for future on-chain financial systems.
Bankless co-host Ryan Sean Adams believes the move will also set a precedent for cryptocurrency exchanges and banks to follow.
“Every asset is the token of the future… every bank is the chain of the future,” Sean Adams added.
However, not everyone agrees with this move.
X user "callmeKappa.algo" stated that Base is too centralized in its current state.
According to L2BEAT data, Coinbase is currently the sole sequencer of Base, meaning the chain is fully controlled by the exchange.
However, the company reiterated its intention to gradually decentralize Base over time.
Base was launched on August 9 as an Ethereum scaling solution. September 9, 2023. It uses optimistic rollup to store off-chain transaction data and submit transactions to the Ethereum base layer.
Coinbase also open-sourced Base’s code in October to increase transparency and accountability while allowing the public to contribute to the project.
With $2.63 billion in total value locked, it is currently the fourth largest Ethereum Layer 2, behind Arbitrum, Optimism and Blast, according to L2BEAT.
On March 16, Base’s daily transaction volume hit a record high of 2 million, and the number of daily new users also continued to rise.
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