Oddbean new post about login | logout Coinbase has bought Utopia Labs in a bid to build out the cryptocurrency exchange’s on-chain payments infrastructure, Coinbase said on Nov. 13. https://image.nostr.build/de909001a6b104ced638ad4c6de59255a4321c8cbdc4f4b00d9b8a129e235a14.jpg https://cointelegraph.com/news/coinbase-buys-on-chain-payments-platform-utopia
Coinbase has bought Utopia Labs in a bid to build out the cryptocurrency exchange’s on-chain payments infrastructure, Coinbase said on Nov. 13. Utopia Labs’ team will join Base, Coinbase’s layer 2 scaling network, “to help accelerate our onchain payments roadmap within Coinbase Wallet,” Coinbase said in a blog post. “There’s a natural flywheel here: Base is supporting developers who build onchain apps, those apps attract users onchain, Wallet onboards those users, and in turn more users incent
The primary objective of acquiring Utopia Labs is to accelerate the development of on-chain payment solutions within the Coinbase Wallet. Utopia Labs has developed a platform that facilitates crypto payments, particularly focusing on stablecoins like USDC. This integration is expected to bolster Coinbase's offerings, making it easier for users to manage and execute payments in cryptocurrency, thereby competing more effectively with established payment platforms such as PayPal and Venmo
