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Saturday, January 28, 2023

Coinbase offers ‘thousands of tokens’ in expanded swap service

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America’s largest crypto trade Coinbase has added the BNB Chain (previously Binance Smart Chain) and Avalanche to the Coinbase Wallet’s record of supported networks the place customers can swap and retailer cryptocurrencies.

The May 24 blog put up from the trade boasts that the added performance will present entry to “thousands of tokens” which represent a “greater variety than most traditional centralized exchanges can offer.”

The added performance to BNB Chain (BNB) and Avalanche (AVAX) brings the entire supported networks as much as 4, together with Ethereum (ETH) and Polygon (MATIC). Users of the pockets who want to commerce on-chain can use Coinbase’s personal in-app decentralized exchange (DEX) on 4 networks. Token bridging just isn’t but out there.

Coinbase Wallet permits customers to self-custody their crypto and offers entry to on-chain versus the options out there on Coinbase’s centralized platform.

Coinbase at present has solely 173 tokens listed on its trade. These numbers pale in comparability to the 1000’s out there throughout the 4 networks Coinbase Wallet customers now have entry to. The trade said that in coming months, “we’ll be making it possible to conduct swaps on an even greater variety 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 includes sending tokens between networks with out passing by a centralized trade (CEX). Popular token bridges embrace Multichain and Wormhole.

Although solely out there for a small quantity of customers at first, Coinbase can also be rolling out its Web3 wallet and browser for the cell app. This will give cell merchants entry to the vast ecosystem of DEXes on supported networks past simply Coinbase’s personal.

Related: Coinbase launches new crypto think tank to help shape policies

BNB Chain had $74 billion in buying and selling quantity, whereas Avalanche loved $68.5 billion in buying and selling quantity over the previous 24 hours in response to CoinGecko.