Major US cryptocurrency exchange Coinbase announced yesterday that it will partner with Polygon (MATIC). The Ethereum (ETH) The expansion solution has already put itself on the map last year, as evidenced by this partnership with Coinbase.
Polygon is a scaling solution for Ethereum. The Ethereum network often suffers from an overload of the network with higher transaction costs as a result. Since Polygon is built on top of the Ethereum network, this gives the Ethereum network the opportunity to process transactions faster and reduce transaction costs.
Coinbase in zee met Layer 2
on July 13 American exchange giant announced Polygon is now available on the Coinbase Wallet smartphone app.
According to Coinbase, millions of Coinbase users are using Wallet Decentralized Finance (DeFi) Protocols such as Uniswap, Compound, and Aave. Transaction costs are often high and transactions take a long time. This, coupled with Coinbase’s already high costs in and of itself, makes using Coinbase unattractive to users of such protocols.
Which is why integration with Polygon is a logical step according to Coinbase.
Integration with Polygon will significantly reduce the problems faced by users of DeFi protocols. Transaction costs are reduced and the time required to process transactions is reduced.
For Coinbase Wallet users, choosing the Polygon network is easy. You simply have to select a Polygon from the active networks in the app.
Integration with other platforms is just a matter of time
Coinbase also announced that the integration with Polygon will not be the last of its kind.
Thus Coinbase’s mission is to bring in the millions of DeFi users who are currently located elsewhere.
“Over the coming months, we will continue to take steps to make it easier for users to access and interact with Layer 2 networks on both mobile and the web.”
In addition, Coinbase recently announced Planning to own one Decentralized Application (dApp) So that customers can securely manage their cryptocurrency through these dApps. In any case, Coinbase is not standing idly by, and it shows.