As a seasoned crypto investor with a deep understanding of the industry, I’m excited about Coinbase’s vision for a future where decentralized applications on millions of blockchains can be accessed safely and securely by a billion customers. The integration of Ethereum Virtual Machine (EVM) and Circle’s USD Coin (USDC) is a significant step towards achieving this goal.
I’m exploring how Coinbase plans to accommodate up to a billion users interacting with decentralized apps on various blockchains. They aim to ensure safety and security in a system that combines Ethereum Virtual Machine (EVM) and Circle’s USD Coin (USDC).
At TokenizeThis 2024 in Miami, Anthony Bassili, the head of tokenization at Coinbase, shared that their Ethereum layer-2 Base blockchain would streamline the process of Know Your Customer (KYC) and Anti-Money Laundering (AML) checks. This is accomplished through identity verification via the Ethereum Attestation service and Coinbase’s own authentication process, resulting in a label or tag on users’ digital wallets.
After undergoing the Know Your Customer (KYC) process, customers can proceed with verifying their accounts on Coinbase. However, Bassili added, this might not be enough in certain situations.
“We expect that eventually to evolve into something like a KYC reliance model. […] And it will start to form market structure that makes it a lot easier for a simpler KYC process.”
Already more than 300,000 wallets have been attested.
To grant access to Web3 for customers with verified identities and sufficient funds, Base intends to utilize the compatibility of Ethereum Virtual Machine (EVM) networks. The community will be reinforced by USDC as its primary stablecoin. Circle, which Coinbase holds an equity stake in, currently manages over $28 billion in total assets. Additionally, Coinbase possesses the capacity to generate USDC.
When robust tokenized assets in different asset classes arise, it could become possible to trade assets for assets, without going through the intermediate step of trading them for dollars. Bassili said:
“I think […] we’re a while away from [that goal], because we need regulatory structures to show up, we need products themselves to be designed with identity checks instantly, and there is a lot of market structure that is still has to come.”
“Crypto represents the ideal form of a free and open marketplace where intricate structures can be created, allowing assets to be exchanged without needing to use dollars for pairing,” Bassili explained. Meanwhile, USDC serves as an initial foundation for establishing this market structure.
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2024-05-10 00:46