Coinbase Launches Its Own Blockchain: What You Need To Know About Base

Publicly traded crypto exchange Coinbase (NASDAQ: COIN) Wednesday announced the launch of its Base (CRYPTO: BASE) blockchain, marking a significant step for public corporations venturing into managing their proprietary distributed networks.

While Base had been accessible for developer testing, it was officially opened to the general public as of noon ET Wednesday.

This move represents a strategic direction for Coinbase, which is among the most monitored crypto stocks.

By operating its blockchain, the company could not only earn fees but also potentially generate a substantial revenue stream from applications developed on this platform.

In a 2016 document titled "secret master plan," Coinbase's CEO Brian Armstrong had envisioned the company's fourth developmental phase to be centered around "decentralized apps" or dapps, aiming to cater to 1 billion users.

Coinbase went public with a direct listing on Nasdaq in April 2021.

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Jesse Pollak, the lead for Base at Coinbase, told CoinDesk there are already 100 dapps set up or primed for deployment on this new network.

Pollak emphasized the broader vision, stating, "Historically, the aperture of what people can do with crypto has been relatively limited, mostly speculation," according to the crypto publication. 

To showcase the potential of Base, Coinbase has unveiled an "Onchain Summer" campaign, collaborating with major corporate partners, including Coca-Cola. 

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