Coinbase plans to expand its on-chain payments product lineup by working with Utopia Labs on Base, Coinbase's Ethereum Layer 2 network. The goal is to bring improved on-chain payment features to the Coinbase Wallet. This aligns with Coinbase's objective of enhancing efficient, faster, and cheaper payment systems through blockchain. The acquisition of Utopia Labs supports Coinbase's culture of economic decentralization and the growth of its products. By integrating Utopia Labs' expertise into Base, Coinbase aims to create a flywheel effect, where the growth of one product fuels the growth of others. The team at Utopia Labs has been active in developing on-chain payment solutions and will now apply this expertise at Coinbase to make affordable, fast, and borderless payments universally accessible. Coinbase recognizes the need for optimization in the use of stablecoins for payments, given the significant transaction volume in the crypto space. The partnership with Utopia Labs aims to develop and improve the use of on-chain payments in people's lives. Coinbase's ability to popularize and enhance on-chain payments has the potential to transform the way people and companies transact, offering faster and more cost-effective solutions. The integration of Utopia Labs with Coinbase's Base platform provides the tools to reinvent decentralized finance and adapt it to people's everyday transactions. Ultimately, Coinbase aims to build an open financial system for the world using blockchain technology.



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