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Coinbase adds Avalanche and MATIC to its wallet

Coinbase
TL;DR Breakdown
  • Coinbase announced the addition of two networks to its wallet
  • The wallet now supports Avalanche and MATIC
  • Coinbase promises a bridge and Web3 wallet

Coinbase, one of the biggest crypto exchanges across the United States of America, has announced the addition of more tokens to its swap collection in its wallet. According to the exchange, the tokens will be available due to the support that the wallet will provide to the BNB Chain and Avalanche. In the statement some hours ago, the exchange mentioned that the variety of tokens would be more than the ones provided by most centralized exchanges.

The wallet now supports Avalanche and MATIC

The addition of the new networks drives the total network supported by the exchange to four. Asides from the recently supported two networks, Coinbase has previously announced support for Ethereum and MATIC networks. Users who prefer to use the wallet to access essential decentralized finance services can do so in the options inside the wallet.

However, Coinbase had announced that it had not enabled token bridging when the update was released. Coinbase wallet lets users hold on to the custody of their wallets, with the exchange providing basic on-chain services compared to its web platform. While the main Coinbase exchange only supports 179 digital assets, the networks located in the wallets open users up to more than thousands of tokens.

Coinbase promises a bridge and a web3 wallet

Coinbase has also promised users that the exchange is currently working to include more networks in the coming months. Also, the network has promised users that it will enable support to ensure that bridging is possible, allowing them to send tokens across different networks easily. Bridging will enable users to send different tokens across various networks without the tokens passing through a centralized exchange. Some of the few bridges in the market include Wormhole. However, bridges have been subject to massive hack attacks in the crypto market over the last few months.

Coinbase has also announced that users can download and use its Web3 wallet, which has an in-app browser. In the statement of the crypto exchange, only a limited number of users will be able to download and use the wallet for now. This new update will enable users to use more decentralized exchanges across the DeFi sector. BNB has been doing well in the market in the last few days, with the token seeing a $74 million trading volume in the last 24 hours. Meanwhile, Avalanche has also not been doing so bad with the token seeing a $68.5 million trading volume in the same time frame.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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