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Cryptocurrency exchange Coinbase has announced plans to integrate with Solana (SOL) as part of its ambitious goal of making transactions on its platform “under a second and a dime,” according to CEO Brian Armstrong.
Armstrong explained that the company wants to integrate Lightning into other fast layer-1 networks such as Bitcoin and Solana. This move will come as part of a broader strategy to make layer-2 solutions the default on the Coinbase platform.
Despite previous speculation, Armstrong stated that Coinbase has no plans to issue a token for its layer-2 network, Base. This statement contradicts an earlier comment from Coinbase Chief Legal Officer Paul Grewal, who suggested a token could be implemented in the future. However, a Coinbase spokesperson confirmed that there are “no plans” to issue the Base network token.
Armstrong expressed satisfaction with the progress the Base network has made since it became operational in August. The network has become the third largest tier-2 in terms of total value locked (TVL) at nearly $500 million in a matter of months.
The company is now working to integrate Base with various applications. Developers are reportedly “very excited” to work with layer-2.
Armstrong set an ambitious internal goal to make average transactions on Coinbase “under one second and one cent.” To achieve this, improvements will need to be made to Base and layer-2 will need to be made the default on the platform.
*This is not investment advice.