Speed ​​up Coinbase identity KYC! Base chain will be available through Ethereum Attestation Service (EAS)!

Anthony Bassili, head of tokenization at cryptocurrency exchange Coinbase, said at the Tokenize This 2024 conference in Miami that Base, the Ethereum Layer 2 solution developed by Coinbase, will use the Ethereum Proof Service (EAS) and Coinbase optimize identity authentication.

What is Ethereum Attestation Service (EAS)?

Ethereum Attestation Service (EAS) is an infrastructure that hopes to create multiple proofs for users on or off the chain (including: identity, asset ownership, reputation, certificates...), It is expected to become a universal verification service for the blockchain ecosystem.

Shorten the verification time of KYC and AML

Anthony Bassili said that the Base chain uses the Ethereum certification service to authenticate Coinbase’s identity to improve customer identity authentication (KYC) and money laundering prevention ( AML) verification efficiency, this technology will automatically generate tags on the user's smart wallet, thereby speeding up the entire verification process.

To put it simply, users can meet Coinbase’s KYC requirements after completing EAS on the Base chain. Initially, it may only be supported by the Coinbase exchange, but it is expected to be expanded to the entire Base ecosystem in the future.

Anthony Bassili also predicted that the market will eventually evolve into forms such as KYC-dependent models and form a market structure.

“It will start to form a market structure that will make the KYC process easier.”

It will take some time to de-dollarize assets, and cryptocurrencies will become a template

Another On the other hand, Anthony Bassili also has a larger vision that when robust tokenized assets appear in various asset classes, transactions between assets will not need to rely on the US dollar as an anchor asset, but of course Bassili believes that completing this The goal is still a while away.

“We need regulatory structures to emerge, we need the products themselves to be designed to be able to carry out identity checks immediately, and there are a lot of market structures that still need to be established.”

At the same time, Anthony Bassili pointed out that cryptocurrency is The perfect embodiment of a free and open market structure, in which users can design various complex transaction forms and realize direct transactions between assets without having to rely on the US dollar as a trading pair.

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