Coinbase’s Vision for a Future of Decentralized Applications and Millions of Blockchains
Coinbase is gearing up for a future where a billion customers will be using decentralized applications on millions of blockchains securely and safely. The platform is integrating the Ethereum Virtual Machine (EVM) and Circle’s USD Coin (USDC) to make this vision a reality.
Speaking at TokenizeThis 2024 in Miami, Coinbase head of tokenization Anthony Bassili revealed that the company’s Ethereum layer-2 Base blockchain will streamline the Know Your Customer (KYC) and Anti-Money Laundering (AML) processes. This will be achieved through identity attestation using the Ethereum Attestation service and Coinbase verification, which creates a tag on the user’s smart wallet.
Already, over 300,000 wallets have been attested, paving the way for customers to access Web3 through Base’s interoperability with EVM networks. The ecosystem will be supported by USDC, in which Coinbase took an equity stake in Circle in August.
Bassili highlighted the potential for trading tokenized assets directly without the need to convert them into dollars first. While this may still be a while away due to regulatory and market structure challenges, USDC is seen as a crucial step towards achieving this goal.
In the rapidly evolving world of cryptocurrency, Coinbase’s innovative approach to integrating blockchain technology and stablecoins like USDC is setting the stage for a new era of decentralized finance.
