Coinbase offers ‘thousands of tokens’ in expanded swap service

America’s largest crypto trade Coinbase has added the BNB Chain (previously Binance Good Chain) and Avalanche to the Coinbase Pockets’s checklist of supported networks the place customers can swap and retailer cryptocurrencies.

The Could 24 blog submit from the trade boasts that the added performance will present entry to “1000’s of tokens” which represent a “higher selection than most conventional centralized exchanges can provide.”

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One Pockets. Much more networks. Hundreds of tokens.

Now supporting token swaps on @avalancheavax and @BNBCHAIN on Coinbase Pockets.

Study extra -> https://t.co/ZdEg1T8s53 pic.twitter.com/prWhSlPYl8

— Coinbase Pockets (@CoinbaseWallet) May 23, 2022

The added performance to BNB Chain (BNB) and Avalanche (AVAX) brings the entire supported networks as much as 4, together with Ethereum (ETH) and Polygon (MATIC). Customers of the pockets who want to commerce on-chain can use Coinbase’s personal in-app decentralized trade (DEX) on 4 networks. Token bridging just isn’t but accessible.

Coinbase Pockets permits customers to self-custody their crypto and gives entry to on-chain versus the options accessible on Coinbase’s centralized platform.

Coinbase presently has solely 173 tokens listed on its trade. These numbers pale compared to the 1000’s accessible throughout the 4 networks Coinbase Pockets customers now have entry to. The trade said that in coming months, “we’ll be making it doable to conduct swaps on an excellent higher number of networks.”

“Not solely will buying and selling develop, however we’re additionally planning so as to add assist for community bridging, permitting you to seamlessly transfer tokens throughout a number of networks.”

Community bridging entails sending tokens between networks with out passing by a centralized trade (CEX). Common token bridges embrace Multichain and Wormhole.

Though solely accessible for a small variety of customers at first, Coinbase can also be rolling out its Web3 pockets and browser for the cell app. It will give cell merchants entry to the extensive ecosystem of DEXes on supported networks past simply Coinbase’s personal.

Associated: Coinbase launches new crypto assume tank to assist form insurance policies

BNB Chain had $74 billion in buying and selling quantity, whereas Avalanche loved $68.5 billion in buying and selling quantity over the previous 24 hours based on CoinGecko.