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Coinbase offers ‘thousands of tokens’ in expanded swap service

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The BNB Chain (previously Binance Smart Chain) and Avalanche have been added to the Coinbase Wallet’s list of supported networks where users can swap and store coins.

The exchange promises in a May 24 blog post that the new capability would provide users access to “thousands of tokens,” a “larger variety than most traditional centralised exchanges can offer.”

BNB Chain (BNB) and Avalanche (AVAX) have been added to the list of supported networks, bringing the total to four, including Ethereum (ETH) and Polygon (POLY) (MATIC). The exchange’s own in-app decentralised exchange (DEX) is available on four networks for users who want to trade on-chain. Bridging with tokens is currently unavailable.

In contrast to The exchange’s centralised infrastructure, Coinbase Wallet allows customers to self-custody their cryptocurrency and gives them access to on-chain services.

Coinbase declare its ability to do swaps on a broader number of networks

Only 173 tokens are now available on The exchange. These figures pale in comparison to the thousands of Coinbase Wallet users who have access across the four networks. “We’ll be able to do swaps on an even broader number of networks” in the coming months, according to the exchange.

“Not only are we intending to extend trade, but we’re also looking to introduce network bridging capability, which will allow you to move tokens between several networks effortlessly.”

Sending tokens between networks without passing via a centralised exchange is known as network bridging (CEX). Multichain and Wormhole are two well-known token bridges.

The exchange’s Web3 wallet and browser for the mobile app is now accessible to a limited number of users. This will provide mobile traders with access to a large ecosystem of DEXes on supported networks in addition to The exchange’s own.

Coinbase launches new crypto think tank to help shape policies

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

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