The American cryptocurrency exchange Coinbase is expanding the range of offered cryptocurrencies by joining the platform of popular blockchains.
Exchange May 23 informedthat users of the Coinbase Wallet cryptocurrency wallet can now exchange and store cryptocurrencies of the BNB (Binance Smart Chain) and Avalanche projects. The trading platform said adding support for the BNB Chain and Avalanche cryptocurrencies will provide access to “thousands of tokens”, far more than “most traditional centralized exchanges” can offer.
Coinbase claims that the added support for BNB Chain and Avalanche brings the total number of supported blockchains to four, including Ethereum and Polygon. Wallet users who wish to trade on these networks will be able to use the Coinbase DEX app.
Currently, hundreds of cryptocurrencies can be traded on the Coinbase exchange. However, these numbers pale in comparison to the thousands of assets available across the four networks that Coinbase Wallet users now have access to. The exchange announced that it will “enable swaps on even more blockchains” in the coming months:
“Not only are we expanding trading, but we are planning to add network bridge support, allowing you to seamlessly move tokens across multiple networks.”
The network bridge is designed to allow the exchange of cryptocurrencies between blockchains, bypassing the centralized exchange (CEX). Popular bridges include Multichain and Wormhole products. The exchange is currently working on integrating the mobile version of its Coinbase Wallet into Web3.
While increasing market coverage requires expanding staff, Coinbase has said it has no plans to hire new employees this year. Coinbase COO Emilie Choi said the company will “rebalance hiring needs based on priority business objectives.”