Coinbase explores potential launch of a Base network token

Coinbase announced that it is exploring the possibility of launching a token for Base, its Ethereum layer-2 network. The news was revealed on Monday during the livestreamed Basecamp event in Stowe, Vermont. Jesse Pollak, Head of Base, confirmed that plans are at an early stage, with no details yet regarding design, governance, or launch timeline.

In a post on X, the official Base account stated that the goal is community involvement and transparent development. The official Coinbase account reiterated that no definitive decision has been made, but the company is exploring how a token could accelerate the shared mission of the network.

In 2023, Coinbase CEO Brian Armstrong had said that the company was not considering issuing a token for Base, noting that the network was performing well in its first months. His statements contrasted with those of Chief Legal Officer Paul Grewal, who had not completely ruled out the option.

Luke Youngblood, founder of the DeFi application Moonwell and former Coinbase employee, said he was surprised by the change, pointing out that in the past the company’s legal team had taken a conservative stance on token launches.