Coinbase will transfer part of the USDC balance to the Base network
Coinbase will transfer some of the corporate and customer funds in the USDC to the Base network. This will reduce transaction costs and settlement time. Experts noted that this is a positive shift and other counterparties may follow the example of Coinbase.
The Coinbase crypto exchange will transfer part of the USDC, including customer funds, to the Base network. This was stated by the vice president of the company Max Branzburg.
1/ Going forward, Coinbase is going to be storing more corporate and customer USDC balances on Base. This enables us to manage and secure customer funds with lower fees and faster settlement times, with no impact to the Coinbase user experience.
— Max Branzburg ? (@maxbranzburg) March 26, 2024
We are excited to continue to…
According to him, this will allow the platform to reduce commissions and settlement periods. The change will affect users directly Coinbase.com , but not the Coinbase Wallet crypto wallet.
Branzburg did not name either the timing or the amount of USDC that will be transferred to Base. At the same time, he stressed that user funds are fully secured and are not used for corporate purposes.
The community commented on the news in different ways. One of the main developers of the Base network, Jesse Pollack, noted that this is a positive shift in the practice of the exchange. He supported the company's transition to blockchain.
Ryan Sean Adams, co-host of the Bankless cryptosphere program, said that this could set a precedent that would encourage other companies to take similar actions.
At the same time, the community noted the significant centralization of the network. The exchange remains its only validator.
Source: https://incrypted.com/coinbase-perevedet-chast-balansa-usdc-v-set-base/
