Coinbase Integrates with Solana for Faster Transactions
Cryptocurrency exchange Coinbase is set to integrate with Solana (SOL) as part of its ambitious initiative to streamline transactions on its platform, aiming for speeds “under a second and a dime,” as revealed by CEO Brian Armstrong.
Armstrong elaborated on the company’s strategy, indicating the intention to integrate Lightning into other fast layer-1 networks, including Bitcoin and Solana. This move is a key component of Coinbase’s broader plan to make layer-2 solutions the default on its platform.
Contrary to prior speculations, Armstrong clarified that Coinbase has no immediate plans to issue a token for its layer-2 network, Base. This statement contradicts an earlier comment from Coinbase Chief Legal Officer Paul Grewal, who hinted at the possibility of a token issuance in the future. However, a Coinbase spokesperson has confirmed that there are “no plans” to introduce the Base network token.
Expressing satisfaction with the progress of the Base network since its operational launch in August, Armstrong highlighted its ascent to the third-largest tier-2 network in terms of total value locked (TVL), reaching nearly $500 million in just a few months.
The company is actively working on integrating Base with various applications, with developers reportedly being “very excited” about the prospect of working with layer-2 technology.
Armstrong has set an ambitious internal goal to achieve average transactions on Coinbase “under one second and one cent.” To realize this vision, enhancements to the Base network and the establishment of layer-2 as the default on the platform are imperative.
