One of the leading cryptocurrency exchanges, Coinbase, revealed its plans to store more balances USDC corporate and customer networks on its Ethereum Layer-2 (L2) network, Base.
Max Branzburg, vice president and head of consumer products at Coinbase, recently shared the benefits of the measure, highlighting the management and protection of customer funds.
“In the future, Coinbase will store more corporate and customer USDC balances on Base. This allows us to manage and protect customer funds with lower fees and faster settlement times without impacting the Coinbase user experience. We are excited to continue moving our business on-chain and hope other companies follow our lead,” he stated.
1/ Going forward, Coinbase is going to be storing more corporate and customer USDC balances on Base. This enables us to manage and secure customer funds with lower fees and faster settlement times, with no impact to the Coinbase user experience.
We are excited to continue to…
— Max Branzburg 🛡 (@maxbranzburg) March 26, 2024
The news was seen as positive by Base network contributor, Jesse Pollak, who expressed his optimism regarding the new measure: “excited to continue supporting Coinbase moving in a chain”, commented Pollak.
Base TVL growing
The Base network experienced a major milestone recently as it experienced an increase in its total value locked (TVL). The data shared by the platform Defi Llama revealed that user deposits exceeded US$1 billion, which is a figure equivalent to more than double what it was at the beginning of March, when US$470 million was registered on the Base network.
It is worth remembering that the Ethereum Layer-2 (L2) network, Base, reached a significant milestone recently, highlighting its growth and development. Daily trading volume on the Base network reached a new high of $356 million on March 20. The growth is equivalent to an increase of approximately 51% compared to the previous day.
