Coinbase offers ‘thousands of tokens’ in expanded swap service

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

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

One Pockets. Much more networks. 1000’s 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 full 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 exchange (DEX) on 4 networks. Token bridging is just not but obtainable.

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

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

“Not solely will buying and selling increase, 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 includes sending tokens between networks with out passing by means of a centralized trade (CEX). Common token bridges embrace Multichain and Wormhole.

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

Associated: Coinbase launches new crypto think tank to help shape 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.