Coinbase Acquires Utopia Labs Team to Boost On-Chain Payment Solutions on Base Network

Coinbase has made an exciting move by acquiring the team from Utopia Labs, a company known for its cryptocurrency payment solutions.

This talented team will join Coinbase’s Layer 2 network called Base. Their main goal? To speed up the development of on-chain payment solutions for the Coinbase Wallet.

The Coinbase Wallet is a self-custody wallet. That means you have full control over your cryptocurrency. Your private keys, which are essential for ownership, are safely stored on your mobile device rather than with a centralized exchange.

The Utopia Labs team brings a wealth of experience in building on-chain payment products. Coinbase plans to use this expertise to deliver fast, low-cost, and globally accessible payment options.

In the second quarter of 2024, stablecoins saw an impressive transaction volume of $8.5 trillion across 1.1 billion transactions. This highlights the importance of enhancing user experiences in the crypto space.

Jesse Pollak, the creator of Base and Head of Protocols at Coinbase, shared that this collaboration aims to create a future where on-chain payments can improve everyday life for individuals and businesses worldwide.

Now, let’s talk about Base. It’s an Ethereum Layer 2 blockchain developed by Coinbase. Its purpose is to provide a secure, cost-effective, and developer-friendly environment for building on-chain applications.

Base is built using the OP Stack in partnership with Optimism. It’s incubated within Coinbase, which means it benefits from the company’s extensive experience in crypto product development.

Over time, Base is designed to become more decentralized. Currently, there are no plans to introduce a new native token for this network.