Coinbase Blockchain Plan Gets Warm Reception; Success Hinges On Converting Crypto Diehards by Steven_Ehrlich
Coinbase does not plan to issue a token for Base, likely to avoid speculators, not to mention questions from the SEC about whether such an asset would qualify as a security. In fact, an existing token called base, which has nothing to do with the new blockchain, jumped 750% right after the announcement, though it shortly gave up all of those gains presumably as speculators realized their mistake.
There are a couple of possible explanations for these Coinbase shortcomings. One is that the company has lost its touch in building products that people want. Another is that with products such as Coinbase NFT and Coinbase Wallet, it is trying to cater to sophisticated users more affiliated with core crypto tenets of privacy and decentralization than most traders.
There are other key questions for Coinbase to answer. For instance, how is it going to attract a large and committed user base to its new blockchain without the promise of free tokens? So far the company has had more than 10,000 smart contracts deployed on the network and users have minted more than 400,000 commemorative NFTs that the company is giving away for free.
Perhaps users of Base will get compensated for their activity in future Optimism airdrops, but that could dilute the value of Coinbase’s stock and cause regulators at the SEC to wonder if op is a security.
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