Coinbase Will Offer Thousands Of Tokens In New Swap Feature

Coinbase will offer thousands of tokens in the new swap feature after adding BNB Chain and Avalanche to its list of networks for the wallet and will give traders bigger access to tokens that are not listed on the exchange so let’s read more today in our latest coinbase news.

America’s biggest exchange Coinbase will offer new tokens in the swap feature after it added the BNB Chain and Avalanche to the Coinbase wallet to the list of supported networks where the users can swap and even store cryptos. The blog post from the exchange boasted the added functionality and will provide access to thousands of tokens that constitute a bigger variety than most traditional centralized exchanges are able to offer.

One Wallet. Even more networks. Thousands of tokens.

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

Learn more -> https://t.co/ZdEg1T8s53 pic.twitter.com/prWhSlPYl8

— Coinbase Wallet (@CoinbaseWallet) May 23, 2022

The added functionality to the Avalanche and BNB Chain brings the total supported networks to four aside from Ethereum, and Polygon. The users of the wallet that wish to trade on-chain can use the coinbase in-app DEX on four networks but the token bridging is not yet available. Coinbase Wallet allows users to self-custody their crypto and provides access to the chain as opposed to the features available on the Coinbase centralized platform.

Coinbase now has over 173 tokens listed on its exchange. The numbers pale in comparison to the thousands available on the four networks. Coinbase Wallet users now have access to and the exchange stated that in the coming months, they will make it possible to conduct swaps on a bigger 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.”

The network bridging involves sending tokens between the networks without passing through a centralized exchange and the popular tokens bridges include Wormhole and Multichain. Although being available for a smaller number of users, Coinbase is rolloing out its Web£ wallet and browser for the mobile app which will give traders access to the wider ecosystem of DEXs on other networks besides Coinbase’s. BNB Chain had $74 billion in trading volume while Avalanche had $68.5 billion in trading volume in the past day.

As recently reported, Over the past week, Fred Ehrsam bought more than a million shares of Coinbase worth $85 million and stepped in as the exchange’s stock prices dropped after the weak earnings report. According to a Form 4 filing with the US SEC, Ehrsam used Paradigm, a venture capital company that he also c-founded, to buy about 700,000 shares of Coinbase at an average price of $70 each or $50 million worth. Coinbase’s co-founder followed this up with the purchase of another 385,000 shares at an average price of $65 or about $25 million worth.