Coinbase announced support for Polygon Network on Coinbase Wallet mobile app and extension, with more scaling solutions to come.
Coinbase claims that over millions of Coinbase Wallet customers utilize DeFi protocols and NFT platforms like Opensea and Zora. However, there are frequently high transaction fees, and there have been long waits for confirmation. This is why they are integrating Polygon, a scaling solution for these problems.
The integration of both will allow faster and cheaper transactions and easy access to Decentralized Applications (DApps).
Coinbase Wallet users can easily choose the Polygon network in their mobile app. They have to Navigate to Settings, select Active Networks, and then Polygon network from the list. The switch to the Polygon network will automatically reflect on the app and extension.
Users will want some crypto on the Polygon platform to start with since Coinbase doesn’t help layer two natively. The user can send ETH or various Ethereum tokens from Ethereum mainnet to the Polygon network using Polygon Bridge. After that users can try out any Polygon dapps.
The main aim of Coinbase is to bring millions of more users to engage in the world of DeFi.
“In the coming months, we’ll continue to take steps to make it easier for users to access and interact with a variety of Layer 2 networks both on mobile and web.”
Coinbase recently announced its planning to develop a new cryptocurrency app store for dApps. It will help customers to securely manage their cryptocurrency through these dApps.
