Coinbase Adds Support for Transactions on Polygon and Solana Blockchain Networks

UTC by Bhushan Akolkar · 2 min read
Coinbase Adds Support for Transactions on Polygon and Solana Blockchain Networks
Photo: Shutterstock

Coinbase said that its users will be easily able to move assets across Solana and Polygon at less gas costs, just by funding their wallets on these blockchain networks.

On Thursday, June 23, cryptocurrency exchange Coinbase Global Inc (NASDAQ: COIN) announced that it will be adding support for transactions on multiple blockchain networks. To begin with, Coinbase has chosen the Polygon and Solana blockchains.

As per the announcement, users will be able to transfer ETH and USDC, and of course MATIC, on the Polygon blockchain. This makes Polygon the first scaling network supported by Coinbase for the transfer of crypto assets. Similarly, Coinbase is also supporting the transfer of assets on Polygon and Solana.

The US exchange said that the native integration will make it easier for customers to convert their fiat to crypto and fund their Solana and Polygon wallets. The official announcement reads:

“Over the next month, eligible Coinbase customers will be able to send and receive ETH, MATIC, and USDC on Polygon, and USDC on Solana. The Polygon integration marks the first time Coinbase has enabled the ability to send and receive these assets on an L2 or sidechain”.

The Rising Gas Fee on Ethereum

The Ethereum blockchain network is home to some of the most popular DeFi, DApps, smart contracts, NFTs, and much more. However, this has also resulted in major network congestion and a sharp surge in the gas fee.

As a result, Ethereum alternatives like Solana and Layer-2 scalability platforms like Polygon have been getting major traction. The only thing is that the process of funding wallets on these networks could be complex and time-consuming.

The crypto exchange said: “Coinbase is reducing the time, effort, and high fees of today’s experience by letting customers convert fiat to crypto and fund their Polygon and Solana wallets in minutes and at a fraction of the cost”.

Furthermore, Coinbase also said that users are keen to explore the world of Web 3.0. However, moving crypto assets across networks isn’t easy as users have to deal with blockchain bridges and kinds of stuff. The exchange noted: “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.”

Business News, Cryptocurrency News, News
Related Articles