Coinbase Adds Polygon and Solana Support for ETH, MATIC, and USDC

by in Blockchain News

Coinbase Polygon Solana

Popular crypto platform Coinbase said in the next month users will be able to make transactions in Ether, MATIC and USDC stablecoin on Ethereum's L2 scaling solution Polygon, and USDC on Solana.

Related: Coinbase Users Had Difficulties While Withdrawing Funds

Coinbase published a blog post that mentions Ethereum has the largest ecosystem for developers, products and services, but it has become increasingly expensive, as the blockchain usage has surged. The high gas fees have led to the popularity of more affordable networks like Polygon and Solana.

To enhance user experience, Coinbase added solutions to let customers change fiat to digital assets and fund their Polygon and Solana wallets quickly and cost-effectively.

Coinbase said the platform aims to add support for more cryptocurrencies and networks with time. The team mentioned it's not easy to move cryptos across networks. Users have to go through several steps from purchasing crypto on an exchange, sending it to the self-custodial wallet, then using a bridge to transfer their holdings to another chain.

Coinbase users now will be able to exchange their fiat to digital assets, and fund their Polygon wallets spending less time and paying less fees. The additions also allow institutional traders to manage different balances across networks with reduced complexity.