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Solana gain popularity over the past 18 months, the process of funding wallets on these networks can be complex and time-consuming.
Coinbase reduces the time, hassle and high fees of today’s experience by allowing customers to convert fiat to crypto and fund their Polygon and Solana wallets in minutes and at a fraction of the cost. Over the next month, eligible Coinbase and Coinbase Exchange customers will be able to send and receive ETH, MATIC, and USDC on Polygon, and they will be able to send and receive USDC on Solana.¹ Over time, we will add support for more tokens and more networks .
With Ethereum, it can cost over $10 in gas fees to send small amounts of crypto from an exchange like Coinbase to a self-custodial wallet like Coinbase Wallet, and it can cost over $100 in gas to send larger amounts of crypto over Logs how to lend Aave. This has led to a massive surge in development and activity on alternative networks, with over 30% of DeFi total value now outside of Ethereum. However, moving crypto across networks is not easy. Users need to buy crypto on an exchange, send it to their self-custodial wallet, and then use a bridge to send their crypto to another chain. As a result, it can take around 20 minutes, $50 in gas and 10 tedious steps to move your wealth from ETH to Polygon to buy an NFT through OpenSea. Now Coinbase customers can convert their fiat to ETH, MATIC and USDC and fund their Polygon wallet at a fraction of the cost and time, making it easy to explore more of web3.
Institutional traders are increasingly active across multiple networks and DApps, but the process of bridging between networks is inefficient for them too. Multichain asset support via Coinbase Exchange enables seamless deposits and withdrawals via Ethereum, Polygon and Solana, with trading and settlement in one order book, regardless of the chain used to deposit funds. We’ve removed the complexity of managing disparate balances of a single asset across networks with one comprehensive, unified balance.
