Masa Finance recently announced that its SBTs will be accessible on Coinbase’s platform Base network. As per reports, with this new development, users will now have the ability to connect the wallet addresses with their identification and reputation, paving the way for credit underwriting to be implemented on the blockchain. The tokens will be used for various applications, such as loyalty programs, membership badges, and CAPTCHA bots with a decentralized architecture.
Masa Finance has announced that a Base SBT Toolkit Developer is in the works, which will assist in the easy and efficient interaction and deployment of SBTs on Base.
On February 23, Coinbase, North America’s biggest centralized cryptocurrency exchange, introduced its testnet for the Base Network, which is set to be deployed as an optimistic layer 2 rollup for Ethereum. In March, the platform requested developers to generate multiple protocol types for Base, one of which included an on-chain reputation system. Masa Finance took on this challenge and developed a Base version of its soulbound protocol.
The Ethereum community has received news of the creation of the Base Network with great enthusiasm. Some users hope it will encourage more Coinbase users to onboard onto the Ethereum network.
Brian Armstrong, CEO of Coinbase, has also stated that any “centralized players” operating on Base must introduce an identity verification process for their users. With Masa’s soulbound tokens being added to Coinbase’s Base network, it will be interesting to see how this impacts the use of credit underwriting on the blockchain and the adoption of Ethereum by Coinbase users.
This development is significant as it demonstrates how blockchain technology can be used to facilitate credit underwriting. This is a process that traditionally involves a lot of paperwork and bureaucracy. The process can be streamlined using blockchain technology, making it more efficient and cost-effective.
Furthermore, the integration of Masa Finance’s soulbound tokens into Coinbase’s Base network has the potential to increase the adoption of Ethereum by Coinbase users. This could lead to more mainstream acceptance of Ethereum, leading to increased demand for ETH, the native cryptocurrency of the Ethereum network.