Coinbase said Monday that it is "exploring" a token launch for Base, its Ethereum layer-2 network, following years of saying that it wasn't actively considering the prospect.

During a presentation at Monday's livestreamed Basecamp event, Coinbase Head of Base Jesse Pollak confirmed that potential token plans are in the works.

"Base is beginning to explore a network token," the network's official account posted to X afterwards. "We’re in the early phases of exploration, and don’t have any specifics to share around timing, design, or governance. We’re committed to bringing the community along with us, and building in the open."

"Yes, Base is exploring a network token, but has no definitive plans," the official Coinbase account added. "We’re exploring how a network token could help us accelerate our joint mission."

Editor's note: This story is breaking and will be updated with additional details.

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