- Coinbase wallet enables users to store or swap digital assets more than those listed on the exchange.
- Coinbase has confirmed it plans to add a network bridge and Web3 wallet soon.
Leading American crypto exchange, Coinbase, has included BNB chain and Avalanche as part of the thousands of networks that its wallet now supports. Wallet users can swap or store virtual currencies in their wallets, according to the announcement. The announcement also revealed that wallet users could access basic DeFi services from their wallet options.
A lengthy blog post published on May 24 contained Coinbase’s announcement highlighting details about its wallet. Part of the official statement claims that a new wallet feature will enable users to access several more tokens than are available on the centralized crypto exchange.
One Wallet. Even more networks. Thousands of tokens.
— Coinbase Wallet (@CoinbaseWallet) May 23, 2022
Coinbase wallet now supports BNB chain and Avalanche networks
Coinbase adds more functionality to its wallet. It now supports the BNB chain and Avalanche networks, making a total of four networks that it supports. Other networks are polygon and Ethereum. Wallet users should note that token bridging isn’t available yet.
However, their best option for trading on-chain is to use Coinbase’s in-app DEX on any available networks. In contrast to Coinbase’s centralized exchange, users of Coinbase wallet have self-custody of their digital assets. They also have access to other on-chain features.
Coinbase wallet users can access thousands of tokens over the available networks. This number is far higher than the 173 tokens available on the Coinbase exchange.
Coinbase plans to add more networks and a token bridge
The exchange further revealed that it would add more networks and enable swaps over the next few months.
Apart from trade expansion, we plan to include support for network bridging. Hence, you can seamlessly swap your tokens from one network to another.
A network bridge will allow token holders to send tokens from one network to another without involving a centralized exchange. Multichain and wormhole are the two commonly used token bridges. Unfortunately, token bridges have been the security loophole for the hacks on various networks in recent times.
Coinbase also plans to launch its Web3 wallet and a browser for its mobile app. However, it intends to limit access to these new features to a small number of users for now. Coinbase wants its mobile traders to access more DEXs on the supported networks and not be limited to Coinbase’s own.
The latest Coingecko data states that trading volumes on the BNB chain and Avalanche networks in the last 24 hours are $74B and $68.5B, respectively. Despite Coinbase shares’ struggles in the stock market due to the crypto bear market, Forbes has included the crypto exchange as one of its fortune 500 companies.
Any company that makes this list is considered one of the top 500 companies making the largest revenue. Forbes ranks Coinbase as #437 on this list. It is the first time any crypto-related firm will make this Forbes fortune 500 lists.