Coinbase, recently in the spotlight in the crypto world, clarified its tokenization plans for the Layer 2 network, Base Network. Paul Grewal, Coinbase’s Chief Legal Officer, made statements at Messari’s Mainnet 2023 summit.
Grewal addressed the question of whether the Base Chain would introduce a token. While he confirmed there is no current plan to release new network tokens at its official launch, he left the door open for the possibility of tokenization in the future.
“We are not completely ruling out the possibility. I think tokens may be viable at some point in the future. But right now, we are not too focused on the economics of the protocol and tokenization. Regulatory clarity is also very important.”Paul Grewal.
Development of Base
Base Network, as Coinbase’s latest technological endeavor, is garnering significant attention. Since its launch, it has become one of the most talked-about networks. It completed its phased launch on August 9, opening up to public users. Prior to that, on July 13, it was accessible only to project developers.
On September 6, Base enabled over 268,000 unique wallets to mint more than 700,000 NFTs. In its first two weeks, over $240 million in crypto assets were transferred to the blockchain. As Grewal pointed out, the clarity of the legislation will play a significant role in this development process.