Coinbase-Linked Blockchain Is Exploring a New Cryptocurrency

Base, a public blockchain Coinbase Global Inc. started, is exploring a new cryptocurrency, a move that could help raise money for the projects it underpins.

The token would be what’s called a “network token,” Base said in a blog post on Monday. Network tokens typically are used to pay for fees associated with making in-app transactions on a blockchain ledger.

The yet-to-be-launched token could help with broader goals of decentralizing payments outside of traditional channels and encouraging developers, Brian Armstrong, Coinbase’s chief executive, said in an X post. He cautioned that the idea is in early stages.

“To ...