Coinbase has added BNB Chain and Avalanche to its list of supported networks for the Coinbase wallet, which will give traders way greater access to tokens that aren't listed on the Coinbase exchange.
America’s largest crypto exchange Coinbase has added the BNB Chain, formerly Binance sensible Chain, and Avalanche to the Coinbase Wallet’s list of supported networks where users will swap and store cryptocurrencies.
The Tuesday journal post from the exchange boasts that the added practicality can offer access to “thousands of tokens,” which variety a “greater variety than most constitute centralized exchanges can give.”
The additional practicality to BNB Chain and Avalanche brings the full supported networks up to four, including Ethereum and polygon. Users of the wallet who would like to trade on-chain will use Coinbase’s own in-app localised exchange (DEX) on four networks. Token bridging isn't yet out there.
Coinbase wallet allows users to self-custody their crypto and provides access to on-chain as critical the options out there on Coinbase’s centralized platform.
Coinbase currently has only 173 tokens listed on its exchange. These numbers pale in comparison to the thousands available across the four networks Coinbase pocketbook users currently have access to. The exchange declared that in the coming months, “we’ll be creating it potential to conduct swaps on a good larger style of networks:”
“Not only will trading expand, but we’re also planning to add support for network bridging, allowing you to seamlessly move tokens across multiple networks.”
Network bridging involves sending tokens between networks without passing through a centralized exchange (CEX). popular token bridges embody Multichain and wormhole.
Although solely available for alittle range of users at first, Coinbase is also rolling out its Web3 case and browser for the mobile app. this may offer mobile traders access to the wide ecosystem of DEXs on supported networks beyond just Coinbase’s own.
( Brian Newar, Cointelegraph, 2022 )