Coinbase, the biggest exchange of cryptocurrency in the United States, has incorporated Avalanche and the BNB Chain – previously known as Binance Smart Chain – to the list of Coinbase Wallet’s supported networks where consumers can store and swap cryptocurrencies.
A blog post was published by the exchange platform to declare that it will provide additional functionality to enable the customers’ access to several thousand tokens, consisting of an enhanced variety as compared with that provided by conventional central exchanges. The additional functionality to Avalanche and BNB Chain takes into account a cumulative 4 networks in which Polygon and Ethereum are also included.
Customers who utilize the wallet and intend to do on-chain trading are permitted to utilize the in-app DEX (decentralized exchange) of Coinbase on the four supported networks. However, up till now, the option of token bridging is not available. The wallet offered by Coinbase enables the customers to self-custody their funds in crypto and permits them to access the on-chain resources contrary to the options present in the centralized venue of Coinbase.
At the moment, there are just 173 tokens that Coinbase has listed on the exchange thereof. The respective numbers are nothing in parallel to the thousands offered to the consumers across the 4 networks having support from the Coinbase Wallet. The exchange mentioned that in the next months they will be permitting the customers to carry out swaps on a more enhanced list of diverse networks.
The venue added that, in this way, the overall trading through the platform would witness a remarkable increase. In addition to this, the customers will be able to effectively shift tokens between several networks. Network bridging takes into account the transfer of tokens between two or more networks without the need for a CEX (centralized exchange). Wormhole and Multichain are among the well-known token bridges.
Though just accessible by a limited set of consumers initially, Coinbase is additionally launching an autonomous Web3 browser and wallet to be connected to its mobile application. Through this, the mobile traders will get access to the DEXs’ broad ecosystem of supported networks along with Coinbase’ own. A trading volume of up to $74B had been under the possession of BNB Chain whereas Avalanche had $68.5B during the recent 24 hours, as per the reports by CoinGecko.