Coinbase has announced that its non-custodial wallet now supports token swaps on two more blockchains.
According to a blog post published on Monday (May 23) by former Googler Catherine Shyu Sullivan, who is a Senior Product Manager at Coinbase, Coinbase Wallet “brings the expansive world of DEX trading to your fingertips, where you can easily swap thousands of tokens, trade on your preferred network, and discover the lowest fees.”
Until yesterday, Coinbase Wallet supported token swaps on Ethereum and Polygon, but “you can now trade on BNB Chain (formerly Binance Smart Chain) and Avalanche, letting you swap a greater variety of tokens than most traditional centralized exchanges can offer.”
Sullivan went on to say that “Coinbase Wallet’s in-app DEX makes it easy to access these types of tokens through its trading feature, which compares rates across multiple exchanges through the 0x API and saves you the extra steps along the way.”
Sullivan added that “before swapping on a network, make sure you have the native token of the network you wish to make a swap on in your wallet to cover the network fees.” This means, for instance, that “for a swap on Avalanche, you will need some AVAX in your wallet.”
As for the future of Coinbase Wallet, she had this to say:
“We want to make it easier for you to engage in the world of decentralized finance (DeFi) and web3. In the months to come, 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.“
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.