Coinbase is one of the world’s leading cryptocurrency exchanges. To remain in that position, the company has to keep evolving and expanding. The launch of their internal protocol Team aims to achieve that goal in the near future. It is another remarkable decision by the company, albeit one most people will welcome with open arms.

Running a popular exchange is a very demanding business these days. One has to keep tabs on customer demand, infrastructure scaling, and adding new currencies, among other things. All of this takes up a lot of time which can also be spent on completely different ventures. For Coinbase, the team is expanding rapidly and new opportunities are being explored as we speak.

Coinbase Continues to Evolve

More specifically, the Coinbase Protocol team has been officially announced. Although the name sounds a bit vague, the purpose of this “group” is pretty clear. The exchange wants to further engage in cryptocurrency developments and community-led projects. It is evident cryptocurrrency as a whole is about much more than trading and Bitcoin.

As such, the Coinbase Protocol team will look at payment channels, off-chain computation, proof-of-stake, and so forth. All of these ventures will help move the industry forward in many different ways. Since Bitcoin isn’t the only currency that matters, it will be interesting to see how this plan evolves in the coming months. Promoting collaboration has always been one of the strong points of cryptocurrency as a whole. Unfortunately, it seems most people have lost track of this effect quite some time ago.

It will be interesting to see what the Coinbase Protocol team will contribute exactly. While their contributions in the past have been rather intriguing, the future remains uncertain. It is evident cryptocurrency needs to evolve as an industry. Right now, that is much easier said than done. We can only hope this new initiative can continue to make a positive impact in this regard.

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