Coinbase Acquires Utopia Labs’ Team To Accelerate On-Chain Payments

by
Alisa Davidson

Revealed: November 13, 2024 at 11:05 am Up to date: November 13, 2024 at 11:05 am

by Ana

Edited and fact-checked:
November 13, 2024 at 11:05 am

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Firm working a cryptocurrency change platform, Coinbase introduced its acquisition of the group from Utopia Labs, a cryptocurrency fee supplier and stablecoin onramp/offramp.

The Utopia Labs group will be a part of Coinbase’s Layer 2 community, Base, to assist speed up the event of on-chain fee options inside Coinbase Pockets, a self-custody pockets that enables customers full management over their cryptocurrency. This implies the non-public keys, that are essential for possession of the cryptocurrencies, are securely saved on the consumer’s cell gadget relatively than with a centralized change.

The group brings intensive expertise in constructing on-chain fee merchandise, and Coinbase goals to leverage this experience to additional its mission of offering low-cost, quick, and globally accessible funds.

In Q2 2024, stablecoins noticed $8.5 trillion in transaction quantity throughout 1.1 billion transactions, highlighting the rising significance of enhancing consumer experiences within the area. Jesse Pollak, creator of Base and Head of Protocols at Coinbase, emphasised the collaboration’s purpose of making a future the place on-chain funds enhance the day by day lives of people and companies worldwide.

Base: What Is It? 

Base is an Ethereum Layer 2 blockchain developed by Coinbase, designed to offer a safe, cost-effective, and developer-friendly atmosphere for constructing on-chain functions. Constructed utilizing the OP Stack in collaboration with Optimism, Base is incubated inside Coinbase, leveraging the corporate’s intensive expertise in crypto product improvement. The community is meant to progressively decentralize over time, and at the moment, there aren’t any plans to problem a brand new native token for the community.

Lately, Base launched permissionless fault proofs to reinforce the decentralization of the community and cut back the danger of centralized management. These fault proofs are modeled after an identical implementation on Optimism’s OP Mainnet. Each networks are a part of the Superchain ecosystem, alongside different initiatives like Zora, Mode, and Fraxtal.