Crypto News: Coinbase Offers ‘Thousands Of Tokens’ In Expanded Swap Service 

Crypto News – Coinbase, America’s largest cryptocurrency exchange, has added the BNB Chain (previously Binance Smart Chain) and Avalanche to its list of supported networks for customers to swap and store their cryptocurrencies.

iexclusivenews reports that the exchange boasts in a May 24 blog post that the new capability would provide users access to “thousands of tokens,” a “larger variety” than most traditional centralized exchanges can supply.

This online news outlet understands that with the addition of BNB Chain (BNB) and Avalanche (AVAX), there are now four supported networks, including Ethereum (ETH) and Polygon (POLY) (MATIC).

Coinbase’s own in-app decentralized exchange (DEX) on four networks is available to wallet users who want to trade on-chain. Bridging with tokens is not yet possible.

One Wallet. Even more networks. Thousands of tokens.

Now supporting token swaps on @avalancheavax and @BNBCHAIN on Coinbase Wallet.

Learn more -> https://t.co/ZdEg1T8s53 pic.twitter.com/prWhSlPYl8

— Coinbase Wallet (@CoinbaseWallet) May 23, 2022

In contrast to Coinbase’s centralized infrastructure, Coinbase Wallet allows customers to self-custody their bitcoin and gives them access to on-chain services.

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Only 173 tokens are presently listed on Coinbase’s market. These figures pale in comparison to the thousands of Coinbase Wallet users now have access to across the four networks. According to the exchange, in the following months,

 “we’ll be making it possible to conduct swaps on an even greater variety of networks.”

“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.”

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Sending tokens between networks without going via a centralized exchange is known as network bridging (CEX). Multichain and Wormhole are two popular token bridges.

Coinbase is rolling out its Web3 wallet and browser for the mobile app, though only to a limited number of users at first.

This will provide mobile traders with access to a diverse ecosystem of DEXes on supported networks, in addition to Coinbase’s own.

According to CoinGecko, BNB Chain had $74 billion in trade volume during the last 24 hours, whereas Avalanche had $68.5 billion.