By Alicia Maher
The largest crypto exchange in the United States, Coinbase, has listed the BNB Chain and Avalanche as its supported networks. America’s leading crypto exchange is expanding its crypto swapping services on the Coinbase Wallet.
The aim is to provide users with access to various tokens that Coinbase did not previously support on its platform.
Users can swap and store cryptocurrencies on the Coinbase Wallet with the new development.
Coinbase’s Added Functionality
The exchange explains that introducing the new feature will boost traders’ access to thousands of tokens. The users can use a variety of tokens; they will also be able to swap them. The added functionality gives users options that most centralized exchanges cannot match.
Moreover, Coinbase revealed that the added functionality brings the supported networks to four on the platform. The most popular ones are Ethereum (ETH), Polygon (MATIC), and the latest ones, BNB Chain (BNB) and Avalanche (AVAX).
Users looking to perform on-chain transactions can do so on Coinbase’s decentralized exchange app on all listed networks. Meanwhile, Coinbase disclosed that token bridging is not accessible on its platform.
Moreover, the Coinbase Wallet allows users to keep their crypto in self-custody and access on-chain features. This added functionality is absent from Coinbase’s centralized platform.
Only 173 tokens are listed on the Coinbase exchange at the moment. However, these numbers contrast with the thousands available on the four networks users have access to. Coinbase added that it would be possible for users to perform token swaps on many networks in the coming months.
Trading on the Coinbase exchange will expand, and Coinbase will integrate support for network bridging. With this, traders can move funds across various networks effortlessly.
Introducing Network Bridging
Network bridging is when tokens are sent between networks without a centralized exchange. Two of the most widely used token bridges are Multichain and Wormhole. Integrating the network bridge on the Coinbase platform will make transactions faster and easier.
Additionally, crypto service users are constantly looking for the most effective means to perform transactions. Coinbase can expand its customer base to leverage the rising demand for decentralized crypto services.
The crypto industry is becoming competitive due to the rapid innovations in products and services to meet different needs. As a result, more crypto exchanges are developing unique products and services to outperform their rivals.
Furthermore, Coinbase plans to roll out a Web3 Wallet and a mobile app browser. Mobile app users can access a wide range of decentralized crypto services that are not limited to Coinbase products. The exchange intends to allow other services to increase the variety.
As one of the leading crypto exchanges in the world, Coinbase is looking to expand its services. The addition of new functions and products will boost the platform’s adoption by crypto enthusiasts.
According to CoinGecko, BNB has a trading volume of $74 billion, while AVAX has had $68.5 billion in the past 24 hours.