ETH And USDC Transfers On Polygon Are Now Supported By Coinbase

A tweet from Coinbase suggests that users will soon be able to send and receive USD Coin (USDC), Polygon (MATIC), and Ethereum (ETH) on Polygon. With the integration of Polygon, Coinbase has enabled the sending and receiving of these assets on an L2 or sidechain for the first time.

Coinbase also announced support for USDC transfers on Solana while promising to quickly introduce support for more networks and coins.

In an official blog post, the top cryptocurrency exchange explains the rationale behind the decision.

The cost of transmitting crypto on Ethereum has increased

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.

By making it possible for users to convert fiat currency to 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 orderbook regardless of the chain used to deposit funds, multichain asset compatibility enables simpler deposits and withdrawals across Solana, Polygon, and Ethereum.

Migration of Coinbase Pro

In the following months, Coinbase intends to launch Coinbase Advanced Trade. By combining the features and pricing of Coinbase Pro, this 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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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