Coinbase, the well-known cryptocurrency exchange, is set to welcome the talented team from Station Labs to collaborate on their smart wallet platform, Base. Station Labs, founded by Tina He and Mind Apivessa, former employees of Facebook, will apply their expertise in building onchain developer tools to enhance Base. This platform serves as the onchain hub for Coinbase’s products, users, and assets, while also providing an open ecosystem for developers to build upon. With $130 billion in assets, Base is a significant player in the cryptocurrency market.
Base operates on Optimism’s OP Stack, a secure and scalable EVM Layer-2 technology. This open-source public good serves as the foundation for a network of L2s (Layer 2 solutions) that share interoperability, sequencing, and governance. One of the major challenges in increasing on-chain adoption is the complexity of onboarding for consumers and developers. Coinbase recognizes this and believes that Station’s founders, with their experience in developing tools for integrating on-chain primitives, will be instrumental in overcoming this barrier. They have previously worked on building wallets, token-based experiences, and simplifying gas fees for consumers.
Coinbase is committed to providing developers with user-friendly tools as Base and the broader L2 ecosystem continue to expand. Their goal is to make on-chain experiences smooth and hassle-free, with features like phraseless transactions and gasless interactions. The collaboration with Station’s founders, who are highly regarded in the on-chain tools space, is an exciting prospect for Coinbase as they aim to empower the next generation of builders in the cryptocurrency industry.
In May, there was a remarkable surge in Google search interest for the term “onchain.” This term reached an all-time high, according to data from Google Trends. Over the past five years, global search interest for “onchain” had mostly remained below 25 out of 100, with a temporary spike in March reaching around 30. This increased interest reflects the growing curiosity and awareness around onchain transactions, which occur directly on the blockchain, providing enhanced security and transparency.
Coinbase recently made headlines with its $25 million donation to the pro-crypto super PAC Fairshake. This contribution matches donations made by Ripple, a crypto payments company, and Andreessen Horowitz, a tech-focused venture capital firm. With Coinbase’s generous support, Fairshake’s funding now stands at $160 million, solidifying its position as one of the top five largest super PACs for this election cycle.