Coinbase's Blockchain Launches Successfully, Attracts Millions in Investments

Coinbase has officially launched its Base blockchain, allowing public companies to run their own distributed networks. The move could generate fees for Coinbase and open up new revenue streams from applications built on the blockchain. The Base network is a layer 2 blockchain built on top of Ethereum, and it already has $139 million in deposits locked into apps and protocols, making it the fifth-largest layer 2 blockchain. Coinbase plans to promote the new project's capabilities through its "Onchain Summer" promotion with corporate partners, including Coca-Cola.