Coinbase Global COIN –1.32% has announced the launch of its own blockchain network, a move that has been met with near-unanimous enthusiasm from the cryptocurrency industry. Jesse Pollak, head of protocols at Coinbase, has said that “I think we're seeing a lot more signs of life and a lot more growth”, in regards to the new network.
Brian Armstrong, CEO of Coinbase, recently spoke about how their interests align with those of the United States. Liquidity has been deteriorating for Binance USD as crypto investors have redeemed some $7 billion of tokens from issuer Paxos since regulators have become involved. Armstrong believes that this is an opportunity for the US to lead in the crypto market and benefit from it.
Armstrong has also discussed working with lawmakers to come up with regulations that protect consumer rights and prevent money laundering and other financial crimes. The firm has also bought One River Digital, the crypto unit of One River Asset Management. This acquisition will transition to Coinbase Asset Management (CBAM) and will operate as an independent business and wholly-owned subsidiary of Coinbase.
The new blockchain network from Coinbase will allow developers to construct smart contracts that can react to external information. This will help create a more efficient, secure, and transparent financial system. Additionally, it will allow for more secure and reliable data transfer between multiple parties.
The launch of the Coinbase blockchain network is a major step forward for the cryptocurrency industry. It will help to create a more secure and reliable infrastructure for digital asset trading, as well as provide a platform for developers to create innovative applications.
This new network will also help to make cryptocurrency markets more mainstream, as it will provide a safe and secure environment for traders to conduct transactions. Additionally, it will help to provide more liquidity to the markets, which is essential for a healthy and growing crypto economy.
Coinbase is setting a new standard for the cryptocurrency industry, and its launch of its own blockchain network is a major step forward. With the launch of its own blockchain network, Coinbase is paving the way for a more secure and reliable digital asset trading infrastructure.
