Moving ahead, the Utopia Labs staff will be a part of forces with the staff behind Base – which is Coinbase’s personal layer-2 scaling community, the trade stated in an official blog post. The trade is anticipated to boost recordkeeping for good contracts, transactions, and tokenization actions instantly on the blockchain.
“Base is supporting builders who construct onchain apps, these apps appeal to customers on-chain, Wallet onboards these customers, and in flip extra customers incentivise extra builders to construct on-chain. In pursuit of this, I’m excited to share that the Utopia Labs staff is becoming a member of Base to assist speed up our on-chain funds roadmap inside Coinbase Wallet,” stated Jesse Pollak, creator of the layer-2 blockchain Base.
In the approaching months, Coinbase will try and convey low-cost, quick, and international funds to its customers. The focus can even be on strengthening its stablecoin providers—cryptocurrencies which are backed by reserve property like fiat currencies or gold.
“Stablecoins amounted to $8.5 trillion (roughly Rs. 7,17,48,727 crore) in transaction quantity throughout 1.1 billion transactions Q2 2024, and persevering with to enhance the person expertise can be essential as stablecoin funds proceed to develop,” Pollak added.
Founded in 2021, Utopia Labs claims to have developed a number of options to allow low-cost transactions for Web3 initiatives. The platform shared the official announcement of its acquisition by Coinbase with its follower base of over 16,000 on X.
Since 2021, we have launched a collection of merchandise designed to make onchain funds extra accessible and environment friendly for each people and companies.
Today, we’re thrilled to announce that our staff is becoming a member of @coinbase to speed up this imaginative and prescient – a world the place we’re in a position to convey… pic.twitter.com/sMyUAyFMZy
— Utopia Labs (@utopialabs_) November 13, 2024
For Coinbase, this acquisition follows its latest demonstration of what it referred to as the world’s first AI-to-AI crypto transaction. In September, CEO Brian Armstrong showcased an AI entity buying tokens from one other AI entity, highlighting the potential of AI integration inside Web3.
In July, OpenAI’s Chris Lehane joined Coinbase’s board of administrators as one among three new appointees.
Recently, the trade launched its Pre-launch Market initiative to help upcoming crypto initiatives by serving as a launchpad. Coinbase has additionally been actively difficult the US SEC, looking for clear tips on compliant enterprise practices and areas requiring warning.
