America’s largest crypto exchange Coinbase has added the BNB Chain (formerly Binance Smart Chain) and Avalanche towards the Coinbase Wallet’s listing of supported systems where users can swap and store cryptocurrencies.
The May 24 blog publish in the exchange boasts the added functionality will give you use of “thousands of tokens” which constitute a “greater variety than most traditional centralized exchanges can provide.”
One Wallet. Much more systems. A large number of tokens.
Now supporting token swaps on @avalancheavax and @BNBCHAIN on Coinbase Wallet.
Find out more -> https://t.co/ZdEg1T8s53 pic.twitter.com/prWhSlPYl8
— Coinbase Wallet (@CoinbaseWallet) May 23, 2022
The additional functionality to BNB Chain (BNB) and Avalanche (AVAX) brings the entire supported systems as much as four, including Ethereum (ETH) and Polygon (MATIC). People that use the wallet who would like to trade on-chain may use Coinbase’s own in-application decentralized exchange (DEX) on four systems. Token bridging isn’t yet available.
Coinbase Wallet enables users to self-child custody their crypto and offers use of on-chain instead of the features on Coinbase’s centralized platform.
Coinbase presently only has 173 tokens for auction on its exchange. These figures pale as compared to the thousands available over the four systems Coinbase Wallet users now get access to. The exchange mentioned that in coming several weeks, “we’ll be to be able to conduct swaps on a much greater number of systems.”
“Not will just buying and selling expand, but we’re also intending to add support for network bridging, enabling you to seamlessly move tokens across multiple systems.”
Network bridging involves delivering tokens between systems without passing via a centralized exchange (CEX). Popular token bridges include Multichain and Wormhole.
Although only accessible for a small amount of users initially, Coinbase can also be moving out its Web3 wallet and browser for that mobile application. This gives mobile traders accessibility wide ecosystem of DEXes on supported systems beyond just Coinbase’s own.
Related: Coinbase launches new crypto think tank to assist shape policies
BNB Chain had $74 billion in buying and selling volume, while Avalanche enjoyed $68.5 billion in buying and selling volume in the last 24 hrs based on CoinGecko.
