Coinbase Aims for Billion-User Future with Decentralized Apps and Streamlined KYC Procedures
Summary:
Coinbase is preparing for a future where billions use decentralized applications on numerous blockchains, ensuring safety via Ethereum Virtual Machine and Circle's USD Coin. At the TokenizeThis 2024 event, Anthony Bassili, Coinbase's head of tokenization, discussed how the firm's Ethereum layer-2 Base blockchain would accelerate Know Your Customer and Anti-Money Laundering procedures. The long-term vision is to facilitate direct asset exchanges without dollar transactions, with Bassili seeing cryptocurrency as the ideal free open market model. Over 300,000 wallets have been verified and more than $28 billion total assets are now in Circle, following Coinbase's equity stake purchase.
As Coinbase gears up for a future where billions of people utilize decentralized apps on countless blockchains, it seeks to ensure safety and security by incorporating Ethereum Virtual Machine (EVM) and Circle's USD Coin (USDC). At the TokenizeThis 2024 event in Miami, Anthony Bassili, Coinbase's head of tokenization, detailed how the firm's Ethereum layer-2 Base blockchain would streamline Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures through the Ethereum Attestation service and Coinbase verification. This system attaches a unique label to users' respective smart wallets post completion of the KYC process.
Bassili posits that this model could eventually streamline KYC procedures, a sentiment evidenced by the 300,000 wallets already verified. To further integrate verified users with Web3, Base aims to maximize the compatibility of EVM networks, bolstered by the USDC.
In August, Coinbase bought a share in Circle, contributing to the current total assets, which Bassili claims exceed $28 billion. Another notable capacity Coinbase possesses is the minting of USDC.
In the long term, if tokenized assets across various asset classes become prevalent, it might facilitate the exchange of assets without having to transact through dollars. However, this goal is still a considerable distance in the future, according to Bassili, as it requires regulatory structures, instant identity checks in product designs, and much needed market structures. Nonetheless, Bassili acknowledges cryptocurrency as the ideal manifestation of a free open market allowing complex designs and asset trading without necessitating dollar pairs trade. Currently, USDC serves as the stepping stone for the market structure development.
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Published At
5/10/2024 12:35:05 AM
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