Coinbase CEO Dismisses Rumors In regards to the Launch of Base’s Token

• Coinbase CEO Brian Armstrong dismisses the rumors relating to the platform’s launch of a local digital token for Base.
• Beforehand, Coinbase CLO Paul Grewal hinted at a possible launch of the Base token.
• Armstrong expressed the groups’ satisfaction with Base’s progress since its launch.

In a current interview, Brian Armstrong, the CEO of Coinbase, dismissed rumors relating to the platform’s endeavor to launch a local token for Base. Clarifying ambiguities that sprouted from a earlier assertion by Coinbase’s Chief Authorized Officer Paul Grewal, Armstrong asserted, “We’re not planning to make any token for Base”

Beforehand, in September, Grewal hinted at the potential for Coinbase introducing a local digital token for its Layer 2 blockchain community Base. Nevertheless, the lawyer didn’t present a lot particulars in regards to the potential launch of the token. He cited,

I feel a token might be viable in some unspecified time in the future sooner or later. It’s not one thing we’ve dominated out solely.

Contradicting Grewal’s phrases, Armstrong posited that Coinbase has “no plans” for issuing Base community’s token. Additional, he elucidated Base’s progress since its launch in August 2023, expressing the staff’s satisfaction. As per Armstrong, Base boasts a Whole Worth Locked (TVL) of round $500 million, changing into the third largest layer-2 community. He acknowledged, “It has about $500 million in TVL, which is absolutely good”.

Shedding mild on the potential developments of Base, Armstrong added that the “bold” purpose of Base, together with different L2 options, is to facilitate a median transaction on Coinbase in beneath one second and one cent. Such a major transition would require a number of enhancements, together with the strategic shift in the direction of selecting Layer-2 because the default choice. As well as, the platform additionally envisions integrations, because the CEO cited, “Now, we’re doing the laborious work to go combine it with numerous functions.”

The CEO additionally shared his pleasure at witnessing crypto platforms realizing the importance of layer-2 networks and adopting them. Armstrong used the analogy “web shifting from dialup to broadband” to focus on the exceptional introduction of layer-2 networks.