scalability and transaction speed. Coinbase’s new layer-2 network is expected to offer faster and cheaper transactions, making it more accessible to users.
However, the inclusion of AML procedures in the new network has raised concerns among some cryptocurrency enthusiasts. AML procedures are designed to prevent money laundering and other illegal activities, but they can also limit privacy and anonymity, which are core principles of cryptocurrency.
Coinbase has not yet released any official details about the new layer-2 network, but the company has a history of prioritizing regulatory compliance. In 2018, Coinbase became the first cryptocurrency exchange to receive a license from the New York State Department of Financial Services.
The launch of the new layer-2 network is expected to further solidify Coinbase’s position as a leader in the cryptocurrency industry. The company currently has over 56 million verified users and has processed over $455 billion in trades.
As the cryptocurrency industry continues to evolve, it will be interesting to see how exchanges like Coinbase adapt to new technologies and regulations. The launch of the new layer-2 network is just one example of how Coinbase is working to stay ahead of the curve and provide its users with the best possible experience.
