BNB Chain and Avalanche have been added to Coinbase’s list of supported networks for the Coinbase Wallet, giving traders significantly more access to tokens not listed on the Coinbase market.
Coinbase, America’s largest cryptocurrency exchange, has added the BNB Chain (previously Binance Smart Chain) and Avalanche to its list of supported networks for customers to swap and store their cryptocurrencies.
The exchange boasts that the new capability would provide users access to “thousands of tokens,” a “larger variety” than most traditional centralized exchanges can supply.
With the addition of BNB Chain (BNB) and Avalanche (AVAX), there are now four supported networks, including Ethereum (ETH) and Polygon (POLY) (MATIC). Coinbase’s own in-app decentralized exchange (DEX) on four networks is available to wallet users who want to trade on-chain. Bridging with tokens is not yet possible.
In contrast to Coinbase’s centralized infrastructure, Coinbase Wallet allows customers to self-custody their bitcoin and gives them access to on-chain services.
Only 173 tokens are presently listed on Coinbase’s market. These figures pale in comparison to the thousands of Coinbase Wallet users now have access to across the four networks. “We’ll be making it possible to do swaps on an even broader variety of networks” in the coming months, according to the exchange.
“Not only will trading be expanded, but we’re also going to introduce network bridging capability, which will allow you to move tokens between several networks easily.”
Sending tokens between networks without going via a centralized exchange is known as network bridging (CEX). Multichain and Wormhole are two popular token bridges.
Coinbase is rolling out its Web3 wallet and browser for the mobile app, though only to a limited number of users at first. This will provide mobile traders with access to a diverse ecosystem of DEXes on supported networks, in addition to Coinbase’s own.
Also Read: The Coinbase NFT Beta is now available, but will it be enough to Resurrect the Platform’s Popularity?
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