The largest cryptocurrency exchange in the United States, Coinbase, has added BNB Chain, former Binance smart chain, and Avalanche to the list of supported networks of Coinbase Wallet, where users can exchange and store cryptocurrencies.
The exchange’s Tuesday blog post boasts that the added functionality will provide access to “thousands of tokens”, constituting a “greater variety than most traditional centralized exchanges can offer”.
One Wallet. Even more networks. Thousands of tokens.
Learn more -> https://t.co/ZdEg1T8s53 pic.twitter.com/prWhSlPYl8
— Coinbase Wallet (@CoinbaseWallet) May 23, 2022
A purse. More networks. Thousands of tokens. We now support token swaps on @avalancheavax and @BNBCHAIN on Coinbase Wallet. More information -> https://t.co/ZdEg1T8s53 pic.twitter.com/prWhSlPYl8
The added functionality to BNB Chain and Avalanche brings the total number of supported networks to four, including Ethereum and Polygon. Wallet users who wish to trade on-chain can use Coinbase’s own decentralized exchange (DEX) across four networks. Token exchange is not yet available.
Coinbase Wallet allows users to self-custody their cryptocurrencies and provides on-chain access as opposed to features available on Coinbase’s centralized platform.
Coinbase currently only has 173 tokens listed on its exchange. These numbers pale in comparison to the thousands available across the four networks that Coinbase Wallet users now have access to.. The exchange stated that in the coming months they will “do their best to trade on an even greater variety of networks”:
“Not only will the exchange be expanded, but we are also planning to add support for network bridging, allowing tokens to be moved seamlessly across multiple networks.”
Network bridging involves sending tokens between networks without going through a centralized exchange (CEX). The best known token bridges are Multichain and Wormhole.
Although initially only available to a small number of users, Coinbase is also rolling out its Web3 wallet and browser for the mobile app.. This will give mobile traders access to the vast DEX ecosystem on supported networks beyond Coinbase itself.
BNB Chain had $74 billion in trading volume while Avalanche enjoyed $68.5 billion in trading volume in the last 24 hoursaccording to CoinGecko.
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