Coinbase Sets Sights On Boosted Revenue As ‘Base’ Mainnet Debuts For Public Use

Coinbase, one of the leading cryptocurrency exchanges, has leaped onto the blockchain innovation stage with ‘Base’ – the first decentralized blockchain mainnet launched by a publicly traded company. Coinbase-supported ‘Base’ network is now officially accessible to the public.

Milestone For Coinbase Amid SEC Clash

Coinbase’s ‘Base’ mainnet is now officially available to the public, boasting over 100 dapps and service providers within its ecosystem. Jesse Pollak, the head of protocols at Coinbase, highlighted that users can use these dapps and enjoy reduced transaction costs and quicker transaction velocities compared to Ethereum.

From its initial testnet introduction in February to the developer-exclusive launch in July, Base has collaborated with a diverse range of crypto initiatives, encompassing DeFi protocols, wallets, bridges, oracles, as well as analytics and infrastructure providers.

Coinbase, a prominent figure in the crypto stock realm, is making strategic moves that might enable the firm to collect fees from operating its own blockchain. Moreover, executives believe this could pave the way for an even more profitable revenue stream from applications developed on it.

Recently, Coinbase released its earnings for the second quarter, surpassing market expectations.

In Q2, Coinbase, standing as the second biggest crypto exchange in terms of trading volume, recorded total revenues of $707.9 million. This is a decline from $772.5 million in the preceding quarter and $808.3 million from the same quarter the previous year. The company also reported a net loss of $97 million but boasted a positive adjusted EBITDA of $194 million for the period.

Coinbase Plans For Big

In a “secret master plan” penned in 2016, Coinbase CEO Brian Armstrong outlined that the company’s fourth developmental phase would be driven by “decentralized apps” (dapps), aiming to touch a billion lives. In April 2021, the company took its shares public with a direct listing on the Nasdaq.

Pollak said, “Historically the aperture of what people can do with crypto has been relatively limited, mostly speculation. In order for Coinbase and crypto and this work that we’re doing to have the impact that we all want, we need to move from the place where this is speculation to a place where this is integrated into every part of someone’s day-to-day existence.”

As Base unveils its public mainnet, it has also kicked off an “onchain summer” event. Lasting multiple weeks, this event focuses on spotlighting Base’s mainnet partner dapps in the sectors of digital art, music, and gaming. Significantly, users can seize the opportunity to create a special “Base, Day One” NFT to mark the inauguration of the Base mainnet.

Last week, Coinbase appealed to a judge to dismiss the lawsuit brought by the U.S. Securities and Exchange Commission. The lawsuit alleges that the leading publicly traded cryptocurrency exchange breached federal securities regulations.