From now on, Coinbase users will be able to exchange on four different networks, including Ethereum (ETH), Polygon (MATIC), BNB Chain (BNB), and Avalanche (AVAX).
Coinbase, the largest cryptocurrency exchange platform in America, announced the addition of Avalanche and BNB Chain to the Coinbase Wallet.
According to the official announcement, Coinbase’s upgraded Wallet offers access to more tokens than the traditional centralized exchanges.
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Now supporting token swaps on @avalancheavax and @BNBCHAIN on Coinbase Wallet.
Learn more -> https://t.co/ZdEg1T8s53 pic.twitter.com/prWhSlPYl8
— Coinbase Wallet (@CoinbaseWallet) May 23, 2022
Coinbase also seeks to provide its users easier access to the emerging Web3 and DeFi world. Thus, in the upcoming months, the exchange platform plans to “add support for network bridging, allowing users to move tokens across multiple networks.”
“Not only will trading expand, but we’re also planning to add support for network bridging, allowing you to seamlessly move tokens across multiple networks.”
With Coinbase Wallet, users have the ability to trade on various networks at the lowest costs, while effortlessly switching thousands of tokens.
P2P DEX marketplaces allow operations to take place directly between users without any involvement of brokers and banks, hence permitting further access into the growing realm of Web3 via various tokens, including PancakeSwap, JOE, and Apecoin.
In addition, such various sorts of tokens are much easier accessed through the Coinbase Wallet DEX trading functionality. “Adding support for networks such as BNB Chain, Avalanche, and Polygon means you can trade more tokens, faster, and with more affordable network fees,” the exchange suggested.
According to Coinbase, more than $1 trillion were traded on DEXs in 2021, an increase of 858% from 2020.
The platform is also launching its new hot wallet and browser for the mobile application to a limited number of customers. This way, such users will be able to explore Web3 through the exchange’s official app.
Earlier this year, Coinbase additionally announced its newest solution called TRUST to ensure customer privacy without voiding the Travel Rule. 17 other crypto exchanges have joined to participate in such a privacy solution.
