Coinbase CEO: The company has no plans to launch a token for the Base network

ChainCatcher news, according to Decrypt, Coinbase CEO Brian Armstrong stated in an interview that Coinbase has no plans to launch a token for its Layer 2 network Base. He seems to contradict an earlier statement by Coinbase Chief Legal Officer Paul Grewal. In September last year, Paul Grewal said, "I think a token is feasible at some point in the future, and we are not completely ruling out that possibility."

Armstrong stated that the exchange is "very satisfied" with the progress Base has made since its launch in August, noting that in terms of TVL, Base has become the third-largest Layer 2 network within a few months of its launch, and the site is working hard to integrate with various applications. He also mentioned that the company does not want Base to be an extension of Coinbase but hopes it will become a broader product.

Armstrong also stated that Base and other Layer 2 solutions are part of an "ambitious" internal expansion goal, which aims to make Coinbase's average transaction "under 1 second and 1 cent." This requires improvements to Base but also means making Layer 2 the default setting on the platform. Armstrong added that he is "surprised" to see other cryptocurrency exchanges following suit by launching their own L2 networks, while suggesting that the industry should consolidate around one or two Layer 2 networks.