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Crypto

Row over claims Coinbase sells ETH to buy BTC widens as holdings reviewed

Coinbase engineering vice president Jesse Pollak pushed back against criticism that the company is selling large amounts of ether, saying its overall holdings and contributions to the Ethereum ecosystem should be considered. The debate centres on fees earned in ether by Base, Coinbase’s layer-2 network, and claims those proceeds are converted into other assets. Data cited in the report estimate Coinbase holds about 151,180 ETH, valued at about $256 million.

Crypto

Coinbase app evolves into trading platform, easing focus on Base chain

Coinbase’s Base app is focusing on building a comprehensive trading platform, which is expected to reduce its closeness to Base, the Coinbase-led layer-2 blockchain, The Block reported, citing Base creator Jesse Pollak. Pollak said the app’s Base-centered approach is naturally fading as it broadens to let users trade everything across networks. Jordan “Kobi” Fish took over the Base app last month, allowing Pollak to focus on the Base blockchain and expanding Base chain into trading, payments and finance.

Crypto

Base nears launch of fully collateralised 1-to-1 tokenised stocks

Coinbase’s Ethereum layer-2 network Base is close to launching 1-to-1 collateral-backed tokenised stocks, Jesse Pollak said on X. Pollak said Robinhood Chain, an Ethereum layer-2 launched recently, properly implemented tokenised stocks in an Ethereum Virtual Machine environment, and he acknowledged Base had fallen behind in the area. Pollak told Garrett Scroggin he was finalising details and would launch very soon. Base is shifting from a social-focused strategy to financial applications.