Coinbase Creates Protocol Team to Tackle the Sector’s Most Challenging Issues
Coinbase, one of the most renowned cryptocurrency exchanges, has created a “Protocol Team” for the purpose of incorporating Layer-2 blockchains like Polygon. This move is also meant to support developer and engineer communities in the crypto world.
The team will be made up of engineers and developers looking to incorporate Layer-2 blockchains into their Coinbase products. This will facilitate faster and cheaper transactions for customers.
In the early stages, the designated crew will handle the integration of Layer-2 solution Polygon. The rest of Layer-2 platforms like Starkware, Optimism and Arbitrum will be introduced gradually a little later on.
This is not the first time that Coinbase is pledging to support the Polygon network. In fact, it had initially offered support for Coinbase wallet as well as its native extension.
The firm now intends to increase its abilities in the customer withdrawal and deposit sector.
In addition to incorporating Layer-2 solutions, the Protocol team has also been tasked with making a contribution to open source projects.
Specifically, it will be responsible for coming up with the software that will support crucial projects on Ethereum.
Moreover, it will offer funding and grants, aimed at increasing support and nurturing expansion efforts within the sector.
By incorporating Layer-2 solutions and scaling Ethereum, Coinbase aspires to address some of the most challenging issues in the industry. These problems include prolonged settlement times, pricey gas fees and inferior scalability.
Another objective Coinbase has for the integration entails creating an even field for retail users. The firm hopes that consumers won’t get to a point where they can no longer invest in Ethereum-based products.