According to a Twitter announcement, Coinbase users may soon be able to send and receive Ethereum (ETH), Polygon (MATIC) and USD Coin (USDC) on Polygon over the upcoming month. For the first time, Coinbase has made it possible to send and receive these assets on an L2 or sidechain thanks to the Polygon integration.
We’re making it faster, easier, and cheaper to access web3: over the next month, eligible Coinbase customers will be able to send and receive ETH, MATIC, and USDC on @0xPolygon and USDC on @solana.https://t.co/vVLnk1DTZ2 pic.twitter.com/j93F4rKd6C
— Coinbase (@coinbase) June 23, 2022
Additionally, Coinbase launched support for USDC transfers on Solana while committing to soon add support for additional tokens and networks.
The leading cryptocurrency exchange outlines the reasoning behind the move in an official blog post. According to the post, sending cryptocurrency on Ethereum has gotten more and more expensive for users, pricing out millions of potential users.
Although cheaper networks like Polygon and Solana have grown in popularity recently as a result of these high gas prices, funding wallets on these networks can be difficult and time-consuming.
Coinbase claims it wants to decrease time, effort and exorbitant fees by enabling customers to convert fiat to cryptocurrency and fund their Polygon and Solana wallets in minutes and at a fraction of the cost.
This way, multichain asset support enables easier deposits and withdrawals across Solana, Polygon and Ethereum, with trading and settlement taking place in the same orderbook independent of the chain used to deposit funds.
Coinbase Pro migrates
Recently, Coinbase stated its plan to introduce Coinbase Advanced Trade in the upcoming months. This will create a new, unified Coinbase account that will give consumers the option of having an enhanced trading experience by merging the features and pricing structure of Coinbase Pro.
In a simpler interface that links all Coinbase accounts in one location, this seeks to provide a much-improved experience where users no longer need to maintain two completely different apps and balances when they wish to use advanced trading tools.