Coinbase announced via a tweet that users would soon be able to send and receive USD coins (USDC), Polygon (MATIC), and Ethereum (ETH) on Polygon. With polygon integration, Coinbase has enabled the first time to send and receive these assets on an L2 or sidechain. Coinbase also announced support for USDC transfers on Solana while promising to introduce support for more networks and coins quickly.
In an official blog post, the top cryptocurrency exchange explains the rationale behind the decision. The message claims that the cost of transmitting cryptocurrencies on Ethereum has increased, pricing out millions of potential users. Due to the recent increase in popularity of less expensive networks like Polygon and Solana, financing wallets on these networks can be challenging and time-consuming.
Convert Fiat Currency into Cryptocurrencies
Users can convert fiat currency into cryptocurrencies and fund their Polygon and Solana wallets quickly and inexpensively. Coinbase claims it wants to reduce time, effort, and astronomical costs.
With trading and settlement occurring in the same order book regardless of the chain used to deposit funds, multichain asset compatibility enables more superficial deposits and withdrawals across Solana, Polygon, and Ethereum.
Migration of Coinbase Pro
Recently, Coinbase announced that it would soon be launching Coinbase Advanced Trade. Combining the features and pricing of Coinbase Pro will produce a new, unified Coinbase account that will allow customers the option of having an improved trading experience. This aims to deliver a much-enhanced experience where customers no longer need to maintain two completely different apps and balances when they wish to use advanced trading tools, with a simplified interface linking all Coinbase accounts in one area.