Two years ago, Coinbase launched Base, an Ethereum Layer 2 blockchain built on the open-source OP Stack in collaboration with Optimism.
Building on this, Coinbase recently unveiled an ambitious expansion to Base.
Announced by chief executive officer Brian Armstrong during Coinbase’s “A New Day One” livestream this month, Coinbase Wallet is now the Base app, “evolving from a wallet into an everything app that brings together social, apps, chat, payments, and trading,” according to a statement from the company.
It’s part of a broader shift aligning Coinbase’s strategy with how the firm predicts the future will unfold.
Base is growing beyond a chain into “an open stack built to empower builders, creators, and people everywhere to build apps, grow businesses, create what they love, and earn on-chain.”
The Base stack is supported by Chain, which is the original Base. There’s also now Build, which will provide builders with tools and support to create on-chain experiences, and App, an evolution of Coinbase Wallet currently in beta. Finally, Base Pay—powered by Ottawa’s Shopify—enables worldwide USDC payments.
The fintech giant envisions a future where crypto and social media are intertwined—and decentralized.
Coinbase claims that, contrary to today’s social media platforms which siphon value from creators, a decentralized system will allow creators to earn directly from their content and have the freedom to take their identity and content with them across different apps.
“Creators don’t need to rely on brand deals or massive followings to earn their first dollar,” Coinbase states. “We’re enabling a flywheel between creators and their audience where any user can easily tip or collect their favourite content directly, creating a new economic model for creators.”
Every post is a coin that can be bought, Coinbase says, and creators can earn without restrictions.
For those not looking to create, Coinbase promises myriad mini apps available from day one, from AI gaming to investing.
Powering the Base app experience is Base Account, which the company describes as “a universal sign-in for the open internet.”
Base is available immediately in Canada, one of Coinbase’s key markets.
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