Coinbase is actively seeking to enhance its service suite. This week, the cryptocurrency exchange completed its acquisition of Utopia Labs, a San Francisco-based blockchain fintech company. The acquisition aims to perfect Coinbase’s on-chain payment system and services, although no financial details have been disclosed. In March, Coinbase was valued at about US$59.49 billion (approximately Rs 502,159 crore), and by September the valuation fell to US$36.26 billion (approximately Rs 306,073 crore).
Moving forward, the Utopia Lab team will join forces with the base’s team — Coinbase’s own second layer of expansion network, the exchange said in its official blog post. The exchange is expected to directly improve record keeping of smart contracts, transactions and tokenized activities directly on the blockchain.
“Base is supporting developers who build OnChain applications that attract users on the user chain, those users’ wallets, and in turn attract more users to inspire more developers to build chains. For this, I’m happy to share Utopia The lab team is joining the base to help speed up our on-chain payments roadmap within our Coinbase wallet.
Over the next few months, Coinbase will try to bring low-cost, fast and global payments to its users. The focus will also be on strengthening its stable services – backed by reserves such as Fiat currency or gold.
Pollak added: “In the 1.1 billion quarterly trading, the stable trading volume was US$85 trillion (approximately Rs 7,17,48,727 crore), the trading volume was Q2 2024 Q2 2024, and continuing to improve the user experience will be It is crucial because Stablecoin Payments continue to grow,” Pollak added.
Founded in 2021, Utopia Lab claims to have developed a variety of solutions to enable low-cost transactions for Web3 projects. The platform shares the official announcement of the Coinbase acquisition, with its follower base over 16,000 on X.
Since 2021, we have launched a suite of products designed to make OnChain payments more accessible and efficient for both individuals and businesses.
Today, we are pleased to announce that our team is joining @coinbase To speed up this vision – the world we can bring… pic.twitter.com/smyuayfmzy
– Utopia Labs (@utopialabs_) November 13, 2024
For Coinbase, the acquisition is a demonstration following the recent demonstration of the world’s first AI-to-AI crypto deal. In September, CEO Brian Armstrong showed off an AI entity that bought tokens from another AI entity, highlighting the potential of AI integration in Web3.
In July, Openai’s Chris Lehane joined Coinbase’s board of directors as one of three new appointees.
Recently, the exchange launched its pre-release market plan to support upcoming crypto projects through the launch pad. Coinbase has also been actively challenging the U.S. SEC to seek clear guidance on compliance business and areas that require prudence.
