Coinbase’s Base Blockchain Considers Issuing Network Token to Expand Capabilities

Blockchain Base is exploring the idea of issuing a network token to support its vision of building a global on-chain economy.

Saying in a Monday (Sept. 15) blog post that it is in the early stages of this exploration, Base added it has not determined the timing, design or governance of a potential network token.

The company said it had not considered adding a network token in the past but is exploring it now because its blockchain and ecosystem have expanded Base’s original goals to become “an open stack that makes it simple for anyone to build, trade and earn on-chain.”

“As we look toward building a global on-chain economy, we believe it should be open and accessible,” Base said in the post. “As the ecosystem has grown and community participation has deepened, it’s made us reconsider our philosophy.

“Exploring a network token is one path toward making our vision of a global on-chain economy real, and a Base network token has the potential to accelerate Base’s decentralization and expand opportunities for builders and creators across the ecosystem,” the company said.

Coinbase opened the Base blockchain to the public in August 2023 after a six-month test phase in which the network was open to developers.

The company said at the time that Base was designed to be low cost, easy to use, built for developers, decentralized and connected into the largest decentralized ecosystem, Ethereum.

Coinbase said during a July 31 earnings call that Base Chain now supports real-time settlement of stablecoin payments.

PYMNTS reported at the time that with USDC volume up, Base Chain scaling and business-focused products like Coinbase Business and Shopify integration gaining ground, Coinbase is pushing toward a vision of crypto as connective tissue for modern finance.

In a Monday post on X, Coinbase Co-Founder and CEO Brian Armstrong said the company is exploring a Base network token because it could support the acceleration of decentralization and expansion of creator and developer growth in the Base ecosystem.

“To be clear, there are no definitive plans,” Armstrong said. “We’re just updating our philosophy. As of now, we’re exploring it.”