Base completes Cobalt upgrade, adds new tools for tokenized assets

Base activated its Cobalt upgrade Wednesday, adding conditional transactions and new issuer controls for tokenized assets as the Ethereum layer-2 network deepens its push into onchain finance. 

Cobalt, Base’s third major upgrade, expands its B20 token standard by allowing issuers to apply several compliance checks to the same asset. For example, an issuer could require recipients to pass identity checks, qualify as accredited investors and not appear on a sanctions list.

Issuers can also schedule adjustments for corporate actions such as stock splits. The update changes the number of shares displayed in wallets and apps without minting or burning tokens or altering the underlying balance.

It also allows issuers to give authorized administrators the power to move tokens from a holder’s wallet without the holder’s approval and attach a public note to the transfer. Base said issuers decide whether to enable the feature and who can use it. Base itself cannot initiate such transfers.

The changes give issuers additional compliance and administrative tools needed to bring traditional financial products onchain.