TL;DR
- Coinbase Integrates ZetaChain: Coinbase has integrated ZetaChain mainnet, enhancing cross-chain interoperability and adding ZetaChain as a default network.
- Institutional Custody: Coinbase Prime now supports ZETA custody, offering advanced trading strategies and multi-venue liquidity access for institutional investors.
- Validator Role: Coinbase becomes a validator on ZetaChain, boosting network security and allowing users to delegate staked ZETA for rewards.
Coinbase, a leading cryptocurrency exchange, has announced the integration of ZetaChain mainnet into its ecosystem, marking a significant step towards enhancing cross-chain interoperability and institutional services. This integration includes the addition of ZetaChain as a default network and the support for ZETA custody on Coinbase Prime.
Today, Coinbase adds support for ZetaChain mainnet!
This is an important step in our mission to power the first universal blockchain with native access to Bitcoin, Ethereum, Solana, and beyond for the next billions of users. Learn more: https://t.co/Q4fK4b72cU
— ZetaChain (@zetablockchain) October 16, 2024
Enhancing Cross-Chain Capabilities
With the integration of ZetaChain, Coinbase users can now access native ZETA staking and rewards. ZetaChain, a universal layer 1 chain introduced in 2021, aims to improve interoperability between different blockchains, including Bitcoin and Ethereum.
This move is expected to simplify cross-chain interactions, allowing developers to create Universal Apps that can operate seamlessly across multiple networks without the need for users to switch their desired networks.
Institutional Custody and Security
Coinbase Prime, a feature designed for institutional investors, now supports the custody of ZetaChain’s native coin, ZETA. This service provides multi-venue liquidity access, advanced trading strategies, and the ability to deploy capital on a large scale.
The integration of ZetaChain into Coinbase Prime enhances the security and flexibility of institutional users, offering them a more robust and versatile trading environment.
Coinbase as a Validator
In addition to integrating ZetaChain, Coinbase has also become a validator on the ZetaChain mainnet. This role involves voting on new blocks based on the amount of ZETA staked by the exchange.
By becoming a validator, Coinbase aims to increase the network’s credibility and security. Users can delegate their staked ZETA to Coinbase to earn validator rewards, further incentivizing participation in the network.
Future Prospects
The integration of ZetaChain into the Coinbase ecosystem is a significant milestone in the crypto and blockchain industry’s move towards a multichain era. By addressing the interoperability issues among layer 1 blockchains, ZetaChain is expected to facilitate the mainstream adoption of blockchain technology.
This development underscores Coinbase’s commitment to providing innovative solutions that enhance the user experience and drive the industry forward.