With the new BSC and AVAX network integrations, the number of supported tokens will exceed thousands.
Thousands of Tokens in One Wallet
Coinbase, one of the most well-known cryptocurrency exchanges in the world, has added BNB Chain and Avalanche to its list of supported networks for the Coinbase Wallet, which allows users to store and exchange cryptocurrencies.
“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 said in the Medium statement.
The addition of BNB Chain and Avalanche brings the total number of supported networks to four, including Ethereum and Polygon. Coinbase formerly only offered 173 tokens to its consumers. With the inclusion of the BNB chain and the Avalanche networks, this number will rise into the thousands.
Users who want to trade on-chain can do so through the app’s own decentralized exchange (DEX) on four different networks. Token bridging is not currently supported. Unlike Coinbase’s centralized platform, customers can self-manage their crypto and access on-chain functionality with Coinbase Wallet.
Swaps will be available on even more networks in the coming months, according to the exchange. Tokens are sent between networks without going through a centralized exchange in network bridging (CEX).
What exactly is Coinbase?
Coinbase is one of the world’s oldest cryptocurrency exchanges. Brian Armstrong and Fred Eshram created the exchange in 2012. While Armstrong remains the exchange’s CEO, Eshram left the company in 2017 but still owns 6% of the equity and serves on the board of directors.
On April 14, 2021, Coinbase (COIN) became the first cryptocurrency company and exchange to list on Nasdaq. The stock has momentarily achieved a market capitalization of R1.5 trillion, while it is currently worth somewhat more than R232 billion.