Coinbase Unveils “Base,” A Layer-2 Network for Building Decentralized Applications

Cryptocurrency exchange Coinbase has launched a new Ethereum layer-2 network called “Base” designed to offer a low-cost, secure, and developer-friendly environment for building decentralized apps (dApps) on the blockchain. The network aims to bridge users into the crypto economy and be interoperable with other chains. Coinbase has stated that it has no plans to issue a new network token, and Base will be built on the “OP Stack” used by Optimism. Despite Base’s initial centralized nature, Coinbase has released plans for decentralization over time. Read more here.

Japan Tech Giants Unveil Open Metaverse Infrastructure

Fujitsu and Mitsubishi are among several Japanese technology companies partnering to launch the Japan Metaverse Economic Zone and create an open metaverse infrastructure named Ryugukoku. The initiative aims to create interoperable tools for users and developers across different platforms. It will also serve as a social infrastructure for enterprise digital transformation. The participating companies plan to integrate their technologies and services, including gamification, fintech, information, and communication technologies, to build Ryugukoku. Ultimately, the initiative aims to establish an ecosystem resulting from the interoperability of different metaverse services and platforms available to Japanese consumers.

IMF Prefers Crypto Regulation Over Ban, Says Managing Director

IMF Managing Director Kristalina Georgieva said the agency prefers to regulate cryptocurrency assets rather than ban them outright; however, the latter remains an option. Differentiating between central bank digital currencies and publicly issued crypto assets is a top priority for the IMF, and regulatory framework guidelines will be released in the second half of this year through the collaborative efforts of the IMF, the Financial Stability Board (FSB), and the Bank for International Settlements (BIS). Georgieva added that fully backed stablecoins create a “reasonably good space for the economy,” but non-backed crypto assets are high risk and speculative.