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Coinbase Wallet Adds BNB Chain and Avalanche

Coinbase has added BNB Chain and Avalanche to the list of supported networks for Coinbase Wallet, which will provide traders with greater access to tokens that are not listed on the Coinbase exchange.

The largest US cryptocurrency exchange Coinbase has added Binance Chain (formerly Binance smart chain) and Avalanche to the list of supported networks of Coinbase Wallet, where users can swap and store cryptocurrencies. .

The May 24 blog post from the exchange boasts that the added functionality will provide access to “thousands of tokens” constitutes a “greater variety than most traditional centralized exchanges can offer”.

With the addition of BNB Chain (BNB) and Avalanche (AVAX) brings the total number of networks supported to 4, including Ethereum (ETH) and Polygon (MATIC). Wallet users who want to trade on-chain can use Coinbase’s in-app decentralized exchange (DEX) across four networks.

Coinbase currently only has 173 tokens listed on its exchange. These numbers are very few compared to the thousands of tokens available across the four networks that Coinbase Wallet users currently have access to. The exchange claims that in the coming months, “we will make it possible to do swaps on even more networks.

Not only will the transaction scale, but we also plan to add support for networking, allowing you to seamlessly move tokens across multiple networks.”

Coinbase is also rolling out its Web3 wallet and browser to the mobile app. This will give mobile traders access to the vast ecosystem of DEXs on supported networks, not just Coinbase alone.

BNB Chain has a trading volume of $74 billion, while Avalanche has a trading volume of $68.5 billion over the past 24 hours according to CoinGecko.