Coinbase ensures infinite interoperability with Ethereum and USDC.

Coinbase is preparing for the future of its billion customers by safely and securely using decentralized applications on millions of blockchains in a system that integrates the Ethereum Virtual Machine (EVM) and Circle’s USD Coin (USDC).

Coinbase’s Ethereum layer-2 native blockchain saves time on know-your-customer (KYC) and anti-money laundering (AML) through identity proof through Ethereum proof services and Coinbase, Coinbase tokenization lead Anthony Bassili said at TokenizeThis 2024 in Miami. I said I would do it. Verification that creates a tag in the user’s so-called smart wallet.

Coinbase verification is possible after the customer completes the KYC process. Although it may not be sufficient in all cases, Bassili said:

“We expect this to eventually evolve into something like a KYC-dependent model. (…) And market structures will begin to form that will make simpler KYC processes much easier.”

Over 300,000 wallets have already been verified.

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To provide its customers with wallet and verified ID Web3 access, Base leverages the interoperability of the EVM network. The ecosystem is supported by USDC. Coinbase acquired a stake in Circle in August. “Circle’s total assets now exceed $28 billion,” Bassili said. Coinbase also has the ability to mint USDC.

The emergence of powerful tokenized assets in various asset classes could make it possible to trade assets for assets without going through the middleman of trading them for dollars. Vasily said:

“I think (…) we are still a long way from (that goal). This is because a regulatory structure must emerge, the products themselves must be designed to enable instant identification, and there is still a lot of market structure left to be done. “You have to come.”

“Cryptocurrencies are the perfect implementation of a liquid, free, open market structure where you can design any level of complexity, where you can hold assets and trade them with each other, and they don’t have to be dollar-pair trading,” Bassili said. In the meantime, USDC provides a first step toward developing that market structure.

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