• News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Videos
  • Blogs
  • Market Cap
  • Shop
What's Hot

Altseason Ignites: Bitcoin Inflows, ETH Flip, and Saylor’s Bold Move

2025-07-22

Salty No-Coiner Hates Bitcoin

2025-07-22

Bull Run Kickoff – Bitcoin and Crypto Set to Soar

2025-07-22

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

Facebook Twitter Instagram
Crypto Investor News Network
  • News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT

    All Eyes on Art: Upcoming Collections to Watch the Week of February 4

    2025-02-05

    Creator of rabbit AI assistant has hidden NFT past

    2024-05-02

    Ethereum tops daily NFT sales at US$7 mln, ends weakest month of 2024

    2024-05-02

    Top NFT Airdrops and Giveaways for May 2024

    2024-05-02

    Casio Launches NFT Collection Celebrating 50th Anniversary

    2024-05-01
  • Metaverse

    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

    2025-01-03

    Experience to Earn: Everdome’s Metaverse Frontier

    2024-12-30

    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

    2024-12-13

    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

    2024-10-28

    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

    2024-09-05
  • Analysis

    Crypto Exchange Coinbase Lists New DeFi Altcoin Project Built on Base Blockchain

    2023-12-13

    Ethereum Price Bears Keep Pushing, Why Decline Isn’t Over Yet

    2023-12-13

    Trader Bullish on Cosmos (ATOM), Says One Dogecoin Rival Setting Up for Next Leg Up – Here’s His Outlook

    2023-12-13

    AVAX Price Pumps 50% and Dumps 15%, Why Uptrend Is Still Strong

    2023-12-13

    Top Trader Predicts Parabolic Rally for Solana Competitor – Here’s His Upside Target

    2023-12-13
  • Learn

    What Is Copy Trading in Crypto? A Beginner’s Guide

    2025-07-10

    A Step-by-Step Guide for Risk-Takers

    2025-07-09

    What is Spot Trading in Crypto? A Beginner’s Guide to How It Works

    2025-07-09

    How It Works and What to Watch Out For

    2025-07-09

    Crypto Risk Management Strategies for Trading (2025)

    2025-07-07
  • Videos

    Altseason Ignites: Bitcoin Inflows, ETH Flip, and Saylor’s Bold Move

    2025-07-22

    Salty No-Coiner Hates Bitcoin

    2025-07-22

    Bull Run Kickoff – Bitcoin and Crypto Set to Soar

    2025-07-22

    Something BIG is About To Go Down…Got Bitcoin?

    2025-07-22

    More Proof That Crypto Altcoin Season Started

    2025-07-21
  • Blogs
  • Market Cap
  • Shop
Facebook Twitter Instagram TikTok
Crypto Investor News Network
Home»Blockchain»Coinbase new blockchain seen as ‘massive confidence vote’ for Ethereum
Blockchain

Coinbase new blockchain seen as ‘massive confidence vote’ for Ethereum

2023-02-24No Comments4 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email


Blockchain


The Ethereum community appears to have taken a bullish view of Coinbase’s newly announced layer-2 network, Base, which has been described as a “massive confidence vote” and a “watershed moment” for the blockchain network.

Secured on Ethereum and powered by layer-2 network Optimism, Base aims to eventually become a network for building decentralized applications (DApps) on the blockchain. The layer-2 network is currently in its testnet phase, according to Coinbase CEO Brian Armstrong.

0/ Hello world.

Meet Base, an Ethereum L2 that offers a secure, low-cost, developer-friendly way for anyone, anywhere, to build decentralized apps.

Our goal with Base is to make onchain the next online and onboard 1B users into the cryptoeconomy.https://t.co/Znuu3o3pJw

— Base (@BuildOnBase) February 23, 2023

Members of the crypto community, such as Ryan Sean Adams, host of the Bankless Show, believe the move “is a massive vote of confidence for Ethereum” which could set a precedent for cryptocurrency companies and financial institutions to use Ethereum as the settlement layer of choice.

2/ This sets precedent that other crypto companies will follow, then Fintechs, then banks. Eventually the world will use Ethereum as a settlement and property rights system.

— RYAN SΞAN ADAMS – rsa.eth (@RyanSAdams) February 23, 2023

Coinbase has approximately 110 million verified users and has partnered with 245,000 companies in over 100 countries since it was founded in 2012. Its cryptocurrency exchange is the second largest in terms of trading volume behind Binance, according to CoinGecko.

“If Coinbase converts 20% of its 110m verified users to Layer 2 users in the coming years, this alone will 10x the total number of crypto native users,” Adams added.

See also  Exploring the Intersection of AI and Blockchain

Adam also commended Coinbase for opting to open-source Base and believes the new layer-2 network will bring about even more block space demand on Ethereum.

Coinbase just announced that they are launching a layer 2, named Base, on Ethereum and powered by Optimism.

Ethereum is becoming the world’s settlement layer.

— sassal.eth (@sassal0x) February 23, 2023

Meanwhile, Sebastien Guillemot, co-founder of blockchain infrastructure firm dcSpark, suggested that Coinbase made a wise decision to go with a layer 2 as opposed to an independent sidechain, noting that “almost all” cryptocurrency transactions and value locked on Ethereum resides on layer 2s these days.

Coinbase announced Base, a new L2 (based on the Optimism L2)

L2s continue to dominate the industry

– Almost all txs in crypto are on L2s
– Almost all TVL in crypto are on L2s
– More devs working on L2s than basically every L1

Sidechains (which aren’t L2s) are a waste of time

— Sebastien Guillemot (@SebastienGllmt) February 23, 2023

Ryan Watkins, the co-founder of crypto-focused hedge fund Syncracy Capital described the news as a “watershed moment” in the Ethereum rollup ecosystem, in a Feb. 23 Twitter post before opining that there was likely no one better positioned than Coinbase to onboard the next ten million users and institutions to Ethereum.

Not everyone was bullish though.

Gabriel Shapiro, general counsel of investment firm Delphi Labs explained in a Feb. 23 Twitter post that launching a centralized layer-2 network “opens the door” to unwanted SEC scrutiny.

Related: Coinbase beats Q4 earnings estimates amid falling transaction volume

“A centralized L2 that trades lots of tokens any number of which could be alleged securities, or does lots of DeFi transactions that arguably might alleged to be regulated (securities swaps etc), opens the door to the SEC making new kinds of secondary market claims,” explained Shapiro, adding:

“imo, this will accelerate the SEC’s secondary market agenda re: blockchain securities issues, because they can’t let an SEC registrant get away with potential violations & build up a legal arbitrage strategy right under the SEC’s nose.”

Shapiro’s concerns come as the SEC has recently upped its enforcement efforts against several stablecoin issuers and staking service providers of late.

See also  Ethereum Bears Keep Pressing, Why ETH Price Might Revisit This Key Support

In regards to the launch of Base, the lawyer opined that could be a “bad step for them” and could inflict “collateral damage” on the rest of the ecosystem, particularly in the event that the SEC finds a vulnerability to expose:

overall, if indeed Coinbase’s motives are regulatory in nature, it’s not only a bad step for them, but could threaten dangerous collateral damage to the rest of the ecosystem

if their motives are regulatory, they should’ve waited till all the infra can be really decentralized

— _gabrielShapir0 (@lex_node) February 23, 2023


Blockchain Coinbase Confidence Ethereum Massive Vote
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Should Trump Fire Jerome Powell? | Ethereum Pumps

2025-07-16

Ethereum vs Solana: ETH & SOL Potential in Altcoin Season!

2025-07-16

Massive Day for Bitcoin Coming | Two Crypto Altcoins I’m Watching

2025-07-14

Next Fed Chair Pick Could Lead To a MASSIVE Bull Run!

2025-07-12
Add A Comment

Leave A Reply Cancel Reply

Top Posts
Videos

Should You Buy The Bitcoin ETF?

2024-01-10

Learn how to buy anonymous Bitcoin: https://www.bitcoinuniversity.com/courses/76599-the-ultimate-guide-to-bitcoin In this video, … source

DeFi

Profit Optimization DeFi Project On Arbitrum

2023-03-28

DeFi So what is PlutusDAO? Let’s find out more about this project with Coincu. What…

Analysis

Crypto Analytics Firm Predicts Major Swings for Cardano, Maker and One AI Altcoin That’s Up Over 500% in 2023

2023-03-04

Crypto analytics firm Santiment is predicting price volatility for Cardano (ADA), Maker (MKR), and Fetch.ai…

Subscribe to Updates

Get the latest news and Update from CINN about Crypto, Metaverse and NFT.

Editors Picks

Altseason Ignites: Bitcoin Inflows, ETH Flip, and Saylor’s Bold Move

2025-07-22

Salty No-Coiner Hates Bitcoin

2025-07-22

Bull Run Kickoff – Bitcoin and Crypto Set to Soar

2025-07-22

Something BIG is About To Go Down…Got Bitcoin?

2025-07-22
Crypto Investor News Network
Facebook Twitter Instagram TikTok
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Disclouser
© 2025 - All rights are reserved.

Type above and press Enter to search. Press Esc to cancel.

bitcoin
Bitcoin (BTC) $ 118,696.80
ethereum
Ethereum (ETH) $ 3,632.15
xrp
XRP (XRP) $ 3.19
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 776.28
solana
Solana (SOL) $ 189.94
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.241569
staked-ether
Lido Staked Ether (STETH) $ 3,622.96
cardano
Cardano (ADA) $ 0.81885
bitcoin
Bitcoin (BTC) $ 118,696.80
ethereum
Ethereum (ETH) $ 3,632.15
xrp
XRP (XRP) $ 3.19
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 776.28
solana
Solana (SOL) $ 189.94
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.241569
staked-ether
Lido Staked Ether (STETH) $ 3,622.96
cardano
Cardano (ADA) $ 0.81885