Coinbase sees infinite exchange potential with Ethereum and USDC
Coinbase is preparing for a billion customers in the future by using decentralized applications on millions of blockchains, securely integrating the Ethereum Virtual Machine (EVM) and Circle's USD Coin (USDC).
Coinbase head of tokenization Anthony Bassili, speaking at TokenizeThis 2024 in Miami, Coinbase's Ethereum Layer-2 Base blockchain saves time on Know Your Customer (KYC) and Anti-Money Laundering (AML) Ethereum Attestation Service and Identity Verification through Coinbase, which is provided by the user Creates an account on the so-called smart wallet.
Coinbase verification is available after the customer completes the KYC process. While this may not be sufficient in all cases, Basili said:
We expect that eventually it will evolve into something like the KYC reliance model. […] And it starts creating a market structure that makes it very easy for a simple KYC process.
More than 300,000 wallets have already been verified.
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Base leverages the EVM network's interoperability to provide Web3 access to those customers' wallets and authenticated IDs. The ecosystem is supported by USDC. Coinbase took an equity stake in Circle in August. “We're currently over $28 billion in total assets,” Basili said. Coinbase also has the ability to mine USDC.
As hard-tokenized assets across different asset classes arise, it may be possible to trade assets for assets without going through the medium of dollar transactions. Basili said:
“I think […] We have a little left [that goal]We need the regulatory structures to be visible, we want the products themselves to be quickly designed with identity checks, and there is still a lot of market structure to come.
“Crypto is a perfect example of a liquid free open market structure in which you don't have to be in any complexity to design and own assets, to trade with each other, to trade dollar pairs,” he said. In the meantime, the USDC provides a first step toward developing that market structure.
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