Coinbase Base Chain dey use Ethereum Attestation service to change KYC and AML processes
For TokenizeThis 2024 event for Miami, Anthony Bassili, head of tokenization for Coinbase, unveil di developments wey concern dem Ethereum layer-2 Base blockchain wey dey aim to make am easy for billions of pipo to use decentralized app. By integrating Ethereum Virtual Machine (EVM) compatibility and USD Coin (USDC), Base dey try to streamline KYC and AML verification through Ethereum Attestation Service (EAS). Dis advance process go automate user wallet labeling for Base chain, wey go fulfil Coinbase's KYC requirements well well. At first, na only Coinbase go fit use am, but dem dey plan to expand am to di whole Base ecosystem. Bassili also talk about di transition to a KYC-reliant market structure, wey dey aim to make dis processes easy for bigger level. Dem also emphasis di goal to allow asset-based transactions without depending on US dollar, but to achieve dis vision, dem need to establish regulatory frameworks and market mechanisms.
Bullish
Coinbase initiative wit dia Ethereum layer-2 solution, Base, na be one big step forward for remove friction from KYC and AML processes, wey fit potentially boost market accessibility and efficiency. Di integration wit Ethereum Attestation Service (EAS) and di focus on expand KYC verification across dia platform dey signal say dem dey move to a more regulated, but smooth and efficient market environment. Dis kind of development fit increase user trust and participation for di cryptocurrency market, wey go give bullish outlook for Ethereum and other crypto wey relate. Besides, di push to enable transactions without needing traditional fiat currencies fit increase di utility and value of cryptocurrencies, wey go reinforce one positive sentiment for di market.