Support for On-Chain Polygon and Solana Transactions Is Added to Coinbase

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Support for On-Chain Polygon and Solana Transactions Is Added to Coinbase

Support for On-Chain Polygon and Solana Transactions Is Added to Coinbase
A look at the new Coinbase Wallet (Coinbase)
Source: CoinDesk
1656063459 24 Jun / 09:37

Coinbase said in a blog post on Thursday that consumers may now transfer and receive cryptocurrency on several networks, beginning with Polygon and Solana.

The connection, according to Coinbase, would make it easy for consumers to convert cash to cryptocurrency and fund their Polygon and Solana wallets. MATIC and SOL are Polygon and Solana's original assets. However, native stablecoins will also be accepted. "Over the next month, eligible Coinbase and Coinbase Exchange customers will be able to send and receive ETH, MATIC, and USDC on Polygon, and they'll be able to send and receive USDC on Solana. Over time, we'll add support for more tokens and networks," Coinbase wrote in a blog post.

The expense of utilizing Ethereum drives consumers to overlay systems or other less expensive networks. (According to Coinbase, it may cost over $10 in "gas," or transaction fees, to transmit modest quantities of cryptocurrency from the Coinbase exchange to a self-custodial wallet and over $100 in gas to lend out larger sums of cryptocurrency on protocols such as Aave.)

The improvement is the most recent in a slew of enhancements implemented by Coinbase amid intensifying rivalry among exchanges as bear market conditions take hold. For example, the competing exchange Binance. The United States just declared free bitcoin trading.

Users want to investigate Web3, according to Coinbase, but it’s not easy to transport crypto across networks and requires dealing with blockchain bridges and other obstacles.

“It can take approximately 20 minutes, $50 in gas, and 10 protracted steps to purchase a NFT on Polygon via OpenSea. Now, Coinbase customers can convert their fiat to ETH, MATIC, and USDC and fund their Polygon wallet at a fraction of the cost and time, making it simple to explore more of web3.”

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