Korbit Plans Blockchain Platform Inspired by Coinbase's Base
CryptoNewsTerminal Staff04 Jun, 2024
Korbit Plans Blockchain Platform Inspired by Coinbase's Base
Korbit, a major cryptocurrency exchange in South Korea, has announced plans to develop and invest in a blockchain platform. According to industry sources, the platform will take inspiration from Coinbase's Layer 2 network, Base. Korbit is reportedly considering investing in Layer 2 project Silicoin, developed by domestic blockchain technology company Ozys. However, a Korbit official stated that they could not disclose potential partnerships at this time. The move by Korbit reflects the growing interest in Layer 2 solutions within the cryptocurrency industry. Layer 2 networks aim to improve scalability and transaction speeds while maintaining security. Coinbase's Base has emerged as a popular Layer 2 platform due to its ability to increase transaction throughput without compromising decentralization. Korbit's blockchain platform is expected to provide similar benefits, allowing users to transfer cryptocurrencies between exchanges and wallets on a more efficient and cost-effective basis.
