Cryptocurrency exchange Coinbase Global (NASDAQ:COIN) is allowing its users to send and receive cryptocurrency on Polygon (MATIC-USD) and Solana (SOL-USD) networks, with plans to add support for additional tokens and networks over time, the company said in a blog post Thursday.
“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’ll be able to send and receive USDC (USDC-USD) on Solana,” it said.
Coinbase’s (COIN) move comes as transactions on Ethereum (ETH-USD) are becoming more expensive for users amid a surge in blockchain usage, according to the post. That has pushed users towards more affordable networks like Solana (SOL-USD) and Polygon (MATIC-USD).
“On 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 lend out larger amounts of crypto on protocols like Aave,” the exchange said.
It was only a day ago when Coinbase redesigned its mobile app to make web3 more accessible to its users.
This article originally appeared on https://seekingalpha.com/news/3851403-coinbase-lets-users-transact-crypto-on-polygon-solana-networks?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Atrending%7Csection%3Atechnology