Coinbase Wallet Extends Token Swaps With BNB Chain and AVAX

BNB Chain and Avalanche have been added to Coinbase’s list of supported networks that allow customers to exchange for cryptocurrency transactions.

In a blog post, Coinbase announced that the new feature would provide customers access to thousands of tokens, a greater variety than most traditional centralized exchanges can provide.

One Wallet. Even more networks. Thousands of tokens.

Now supporting token swaps on @avalancheavax and @BNBCHAIN on Coinbase Wallet.

Learn more -> https://t.co/ZdEg1T8s53 pic.twitter.com/prWhSlPYl8

— Coinbase Wallet (@CoinbaseWallet) May 23, 2022

There are now four supported networks, including Ethereum (ETH) and Polygon (MATIC), plus BNB Chain (BNB) and Avalanche (AVAX). Wallet customers who want to trade on-chain can use Coinbase’s in-app decentralized exchange (DEX) on four networks.

Bridging with tokens is currently not possible. Coinbase Wallet, in contrast to CoinBase’s centralized infrastructure, allows clients to self-protect their bitcoin and access on-chain services. Coinbase’s market has 173 tokens listed. These percentages are insignificant relative to the thousands of Coinbase Wallet customers who now have access to the four networks.

Network bridging is the process of sending tokens between networks without using a centralized exchange (CEX). Coinbase’s two popular token bridges are Multichain and Wormhole.

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.

Coinbase is initially releasing its Web3 wallet and browser for the mobile app to a small number of consumers. In addition to Coinbase’s DEX, mobile traders will have access to a diverse ecosystem of DEXes on supported networks.

   
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