OP Labs Product Manager: It is estimated that every fintech company will run its own blockchain in the next five years

PANews June 18 news, according to CoinDesk, OP Labs product manager Sam McIngvale said that in the next five years, every fintech company will operate its own blockchain. He pointed out that Coinbase's Layer2 network Base has been a great success since its launch in 2023, attracting many users and developers. It is combined with Coinbase's Bitcoin-backed loans to monetize idle crypto assets. Base is built with Optimism's OP Stack and is one of the largest Layer2 networks. Its success indicates industry trends. McIngvale also said that traditional custody of cryptocurrencies is costly, and L2 chains make lending more convenient. At present, many crypto exchanges around the world have launched Layer2 blockchains similar to Base, and fintech companies such as Robinhood are also exploring their own L2 networks. McIngvale believes that as the technology matures, users will no longer tolerate the high latency and high cost experience of early blockchains, and the industry is moving towards more efficient asset utilization.