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Brian Armstrong, CEO of Coinbase, talked about rumors of a Base token for the exchange’s L2 network with Decrypt. 

Coinbase’s Chief Legal Officer, Paul Grewal, had previously said something different. But, Armstrong stated that there are no plans to create a token for Base.”

He explained that the company wants Base to be an industry initiative, not a just Coinbase asset. Armstrong emphasized the need for interoperability with the broader crypto landscape.

He also underscored Coinbase’s support to create and maintain stability and trust within the industry.

Coinbase aims to make transactions on its platform fast and cheap. Achieving this objective involves refining Base and making their layer 2 the default on the ecosystem. 

Read Also: Coinbase Might Be Forced to Share Your Bitcoin Trading Data With the CFTC

Armstrong acknowledged that 7% of transactions on Coinbase use layer-2 solutions, including Base, with the company committed to increasing this percentage in the future. 

This includes integrating into other blockchain ecosystems such as Solana to enable fast and cost-effective transactions. 

“That’s things like integrating the Lightning Network on Bitcoin, it’s integrating other layer-1s that are very fast, like Solana, 2e need to get it where probably 99% of transactions are happening on layer-2 to get those performance goals of under one cent and one second,” said Armstrong.