Coinbase Prepares to Launch Base’s Mainnet in 2023 Amid Regulatory Pressure in the US

The post Coinbase Prepares to Launch Base’s Mainnet in 2023 Amid Regulatory Pressure in the US appeared first on Coinpedia Fintech News

As the crypto industry continues to expand, Coinbase, one of the industry’s most prominent exchanges, has been making steady progress with its Ethereum Layer 2 solution, Base. Launched in February as a platform that simplifies app development and integration with the Coinbase product suite, Base has been operating on testnet and is now preparing for a mainnet launch in 2023.

Base Gains Momentum to Bring Millions of Developers and Users On-Chain

In an exclusive interview with TechCrunch, Jesse Pollak, Base lead and head of protocols at Coinbase, revealed that the mainnet launch is the team’s top priority. Although no official timeline has been shared, Pollak emphasized the urgency of delivering the mainnet as soon as possible. Base aims to unite millions of developers and billions of users on the blockchain, fostering widespread adoption and innovation in the space. Pollak said,

“It’s coming soon, we are working hard on it. It’s our number one priority alongside decentralization goals and the rest of the year is really about making sure we get there as quickly as possible.”

Coinbase has been a key player in the crypto economy for over a decade. With Base, the company hopes to capture value for itself and contribute to the expansion of on-chain products and activities in the coming years. Pollak envisions Base and Coinbase working in tandem to bring countless developers and users on-chain, furthering the growth of the blockchain ecosystem.

Decentralization and Expansion Goals Drive Base’s Development

A diverse array of crypto businesses, platforms, marketplaces, and infrastructure firms have pledged to build on Base. Among them are Blockdaemon, Chainlink, Etherscan, Quicknode, Aave, Animoca Brands, Dune, Nansen, Magic Eden, Pyth, Rainbow Wallet, Ribbon Finance, The Graph, Wormhole, and Gelato.

In the near term, Base’s primary goals are to achieve mainnet status and decentralize its operations. Coinbase CEO Brian Armstrong has emphasized the importance of decentralization, stating that it’s imperative for Base to live up to that value and ethos. Pollak expects the process of becoming decentralized to span months or years, rather than a decade. The focus remains on making daily progress towards this goal.

The future of Base, its impact on the Ethereum ecosystem, and the potential influence of regulation on the blockchain were discussed extensively during Pollak’s interview. As previously reported by Coinpedia, Coinbase has achieved notable progress by securing a license to operate in Bermuda, a strategic move aimed at escaping the complex regulatory landscape in the United States.

As the mainnet launch approaches, the crypto community will be watching closely to see how Base shapes the future of Ethereum-based app development and drives Coinbase on a global scale.