Coinbase Wallet Adds BNB Chain and Avalanche (AVAX) Support

05/27/2022By: L, Laura

  • Coinbase wallet enables users to store or swap digital assets more than those listed on the exchange.
  • Coinbase has confirmed it plans to add a network bridge and Web3 wallet soon.

 

Coinbase has added BNB Chain and Avalanche to its list of supported networks for the Coinbase Wallet, which will give traders far greater access to tokens that are not listed on the Coinbase exchange.

 

America’s largest cryptocurrency exchange Coinbase has added the BNB Chain (formerly known as Binance Smart Chain) and Avalanche to the Coinbase Wallet’s list of supported networks, where users can exchange and store cryptocurrencies.

 

The Tuesday blog post from the exchange boasts that the added functionality will provide access to “thousands of tokens,” which constitute a “greater variety than most traditional centralized exchanges can offer.”

 

The added functionality to BNB Chain and Avalanche brings the total supported networks up to four, including Ethereum and Polygon. Users of the wallet who wish to trade on-chain can use Coinbase’s own in-app decentralized exchange (DEX) on four networks. Token bridging is not yet available.

 

Coinbase Wallet allows users to self-custody their crypto and provides access to on-chain as opposed to the features available on Coinbase’s centralized platform.

 

Coinbase currently has only 173 tokens listed on its exchange. These numbers pale in comparison to the thousands available across the four networks Wallet users now have access to. The exchange stated that in the coming months, “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.”

 

Network bridging involves sending tokens between networks without passing through a centralized exchange (CEX). Popular token bridges include Multichain and Wormhole.

 

While initially only available to a limited number of users, Coinbase is also rolling out its Web3 wallet and browser for mobile applications. This will allow mobile traders to access the extensive DEX ecosystem on supported networks, not just Coinbase’s own network.

 

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