Users will be able to send and receive ETH, MATIC, and USDC on Polygon, as well as USDC on Solana with the new feature. The integration with Polygon is the first time that Coinbase has enabled L2 or sidechain conversion for these assets.
The platform has said that it will integrate with additional services in the future. It will enable the functionality of participating in Solana-based non-fungible tokens (NFT) and connect Coinbase Wallet to Solana decentralized applications (dapp).
Ethereum’s high gas prices have priced out millions of would-be users, according to Coinbase senior product manager Adam Zadikoff. As a result of this, cheaper networks such as Polygon and Solana gained in popularity. He recognizes, however, that funding wallets on these networks might be difficult and time-consuming.
The company’s latest additions came as the authorized platform, which includes trading in Bitcoin and Ethereum as well as more than 110 alternative cryptocurrencies, is building its order book to include tokens that have gained popularity in recent months.
The development of numerous different cryptocurrencies has been a problem for Coinbase, since rivals allow customers to trade in some of them. However, because their trading volume has been huge lately, Coinbase was forced to act as many of their followers have abandoned the site or opened accounts on other exchanges where they may exchange.
Coinbase is one of the most popular consumer-facing bitcoin platforms, and it is strictly regulated. 40% of Coinbase’s volume comes from trading in alternative cryptocurrencies, with Bitcoin and Ethereum making up the remaining 60%.
Brian Armstrong, the CEO of Coinbase, stated that the exchange intends to list every crypto currency in which it is permissible.
The world’s largest crypto exchange, Coinbase, announced this week that it will be closing its professional trading platform, Coinbase Pro, in the next few months.
In the near future, Coinbase will integrate all sophisticated trading into a single Coinbase account. According to its statement, the intention is to allow customers access to features such as staking, borrowing, dapp wallet, and Coinbase Card from a single platform balance.