Why 110 corporate blockchains are headed for a massive shakeout – and Coinbase’s secret plan to absorb them

Corporate blockchains are multiplying, but Coinbase CEO Brian Armstrong expects the boom to end in consolidation rather than coexistence.Over the past year, several corporate institutions and Wall Street giants, including Stripe, Circle, and Robinhood, have developed rails for stablecoins and institutional markets.Their expansion has revived concern that regulated companies with established distribution could draw financial activity away from the permissionless networks that powered crypto’s growth.However, Armstrong views the proliferation differently, as he expects the new launches to fragment liquidity and users before network effects force weaker platforms to combine or retreat.Corporate chains are already finding usersThe threat to public networks is gaining credibility because companies are building chains around businesses and customers they already control.VanEck Research said banks, exchanges and payment firms can use proprietary networks to control validators and participation, protect sensitive information, guarantee costs and retain fees that would otherwise accrue to public blockchains.For context, Stripe's Tempo is focused on payments, Circle's Arc on stablecoin settl...