rewrite this title Coinbase Acquires Utopia Labs’ Team To Accelerate On-Chain Payments

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Alisa Davidson

Published: November 13, 2024 at 11:05 am Updated: November 13, 2024 at 11:05 am

by Ana

Edited and fact-checked:
November 13, 2024 at 11:05 am

In Brief

Coinbase has acquired the Utopia Labs team to accelerate the development of on-chain payment solutions for Coinbase Wallet.

Coinbase Acquires Utopia Labs’ Team To Accelerate On-Chain Payments

Company operating a cryptocurrency exchange platform, Coinbase announced its acquisition of the team from Utopia Labs, a cryptocurrency payment provider and stablecoin onramp/offramp.

The Utopia Labs team will join Coinbase’s Layer 2 network, Base, to help accelerate the development of on-chain payment solutions within Coinbase Wallet, a self-custody wallet that allows users full control over their cryptocurrency. This means the private keys, which are crucial for ownership of the cryptocurrencies, are securely stored on the user’s mobile device rather than with a centralized exchange.

The team brings extensive experience in building on-chain payment products, and Coinbase aims to leverage this expertise to further its mission of providing low-cost, fast, and globally accessible payments.

In Q2 2024, stablecoins saw $8.5 trillion in transaction volume across 1.1 billion transactions, highlighting the growing importance of improving user experiences in the space. Jesse Pollak, creator of Base and Head of Protocols at Coinbase, emphasized the collaboration’s goal of creating a future where on-chain payments improve the daily lives of individuals and businesses worldwide.

Base: What Is It?

Base is an Ethereum Layer 2 blockchain developed by Coinbase, designed to provide a secure, cost-effective, and developer-friendly environment for building on-chain applications. Built using the OP Stack in collaboration with Optimism, Base is incubated within Coinbase, leveraging the company’s extensive experience in crypto product development. The network is intended to progressively decentralize over time, and currently, there are no plans to issue a new native token for the network.

Recently, Base introduced permissionless fault proofs to enhance the decentralization of the network and reduce the risk of centralized control. These fault proofs are modeled after a similar implementation on Optimism’s OP Mainnet. Both networks are part of the Superchain ecosystem, alongside other projects like Zora, Mode, and Fraxtal.

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

Alisa Davidson

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