Base completes Cobalt upgrade, adds new tools for tokenized assets

What happened

Base has launched Cobalt, adding conditional transactions and new functions for assets issued under its B20 standard. Base activated its Cobalt upgrade Wednesday, adding conditional transactions and new issuer controls for tokenized (representing an asset as a tradable entry on a blockchain) assets as the Ethereum layer-2 (a network built on top of a blockchain to make transactions cheaper) 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. Base’s Cobalt lets traders set transaction conditions while giving issuers tools for compliance checks, stock splits and forced token transfers.

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.