Coinbase has integrated the BNB Chain (previously Binance Smart Chain) and Avalanche. The Coinbase expanded swap service is a step toward allowing more supported networks where users can swap and store cryptocurrencies.
The addition of capabilities to BNB Chain and Avalanche raises the number of supported networks to four. This includes Ethereum and Polygon. Users of the wallet who want to trade on-chain can use Coinbase’s in-app decentralized exchange (DEX) on four networks. Token bridging is not yet supported.
Coinbase expanded its swap service to give access to “thousands of tokens”
According to a new blog post from the exchange, the new functionality will provide users access to “thousands of tokens”. Which is a “greater variety” than most traditional centralized exchanges can supply.
Only 173 tokens are currently on Coinbase’s market. These figures stand in stark contrast to the thousands of Coinbase Wallet users who have access across the four networks.
In contrast to Coinbase’s centralized infrastructure, Coinbase Wallet allows customers to self-custody their bitcoin and gives them access to on-chain services.
Coinbase platform amped
Furthermore, the exchange added that “we will be making it possible to conduct swaps on an even greater variety of networks” in the coming months.
“Not only will trading expand, but we’re also planning to add support for network bridging, allowing you to move tokens across multiple networks seamlessly,” Coinbase stated.
Sending tokens between networks without going via a centralized exchange (CEX) is network bridging. Multichain and Wormhole are two famous 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 DEXs on supported networks and Coinbase’s own.