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In the upcoming month, Coinbase users are likely to be able to send and receive USD Coin (USDC), Polygon (MATIC), and Ethereum (ETH) on Polygon, as per a Twitter announcement. Coinbase for the first time is enabling the transferring of these assets on an L2 or sidechain because of the Polygon integration.
In addition, Coinbase has also released support for USDC transfers on Solana at the same time promising to add some additional tokens and networks.
In an official blog post, the leading crypto exchange highlights the reason behind it. The post noted that sending cryptocurrency has become expensive and getting more with each passing day, blocking millions of potential users from adopting it.
Networks such as Polygon and Solana have become quite popular as a result of such high gas prices as they are cheaper in comparison. However, funding wallets on these networks could take a lot of time and is also quite difficult.
Coinbase says by allowing customers to convert fiat into cryptocurrencies and providing last-minute funding for their Polygon and Solana, it aims to decrease time, effort, and exorbitant fees.
Multichain asset in this way helps permit less difficult deposits and withdrawals throughout Solana, Polygon, and Ethereum, with buying and selling and agreement happening in the identical order book regardless of the chain used to deposit funds.
Coinbase also recently revealed its plan to bring Coinbase Advanced Trade in the coming months. This will allow for the creation of a new, unified Coinbase account that will give users the option to have an exposure to an enhanced trading experience by combining the pricing structure and features of Coinbase Pro.
This aims to deliver a much-enhanced experience where customers no longer are required to maintain two completely different apps and balances when they want to use advanced trading tools, with a simplified interface linking all Coinbase accounts in one area.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
