Major US crypto exchange Coinbase announced yesterday that it will partner with Polygon (MATIC). The ethereum (ETH) The scaling solution has really put itself on the map in the past year, as evidenced by this partnership with Coinbase.
Polygon is a scaling solution for Ethereum. The Ethereum network often suffers from an overloaded network with high transaction costs as a result. Because Polygon is built on top of the Ethereum network, this gives the Ethereum network the opportunity to process transactions faster and limit transaction costs.
Coinbase in zee met Layer 2
on July 13 announced the American exchange giant that Polygon is now available on the Coinbase Wallet app for smartphones.
According to Coinbase, millions of Coinbase Wallet users are using Decentralized Finance (DeFi) protocols such as Uniswap, Compound and Aave. Often the transaction costs are high and the transactions take too long. This, coupled with Coinbase’s already high costs in itself, makes it unattractive for users of such protocols to use Coinbase.
It is for this reason that the integration with Polygon is a logical step according to Coinbase.
The integration with Polygon will significantly reduce the problems experienced by users of these DeFi protocols. Transaction costs are reduced and the time required to process transactions is reduced.
For Coinbase Wallet users, selecting the Polygon network is a breeze. You simply have to select Polygon from the active networks in the app.
Integration with other platforms just a matter of time
Coinbase has also announced that the integration with Polygon will not be the last of its kind.
Coinbase’s mission is therefore to bring in 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 web”
In addition, Coinbase recently announced planning to own one Decentralized App (dApp) store so that customers can securely manage their crypto within these dApps. In any case, Coinbase is not sitting still, that much is clear.