Coinbase (NASDAQ:COIN) recently announced a faster, easier, and “less expensive” way of sending and receiving cryptocurrency via multiple networks, starting with Polygon, Coinbase’s first L2 integration, and Solana.
With the ongoing surge in blockchain usage and increase in gas fees, “the process of sending crypto across networks has been complex and time-consuming,” according to an update shared with CI.
As noted in the announcement, here’s what this announcement will mean for Coinbase and Coinbase Exchange customers:
- 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 on Solana.
- Coinbase is reducing the time, effort, and high fees of today’s experience by letting customers easily send and receive crypto on multiple networks in minutes and at a fraction of the cost.
- Over time, we’ll add support for more tokens and more networks.
This announcement is a step closer “to giving users easier access to dive into the web3 ecosystem.”
For more details on how these multichain transfers are supported along with a step-by-step guide to using this on your Coinbase mobile app or on Coinbase.com, check here.
As covered recently, TS Imagine, which claims to be a global leader in trading, portfolio and risk management solutions for capital markets, has successfully connected with Coinbase Prime, the prime broker for digital assets, in order “to offer institutional clients a fully regulated path to trade cryptocurrencies.”
TS Imagine clients can now “connect to Coinbase Prime with TradeSmart, the all-asset execution and order management system, and use the full range of crypto-trading functionality native to the TradeSmart platform.”
In addition, institutional clients “gain significant efficiencies from managing trading and investments in crypto and any other asset class, within TS Imagine’s SaaS platform.”
Brett Tejpaul, Head of Coinbase Institutional, said:
“We’re pleased to offer TS Imagine’s institutional clients the highest level of secure trading execution and custody with access to Coinbase Prime. Coinbase Prime’s unparalleled track record of offering clients an integrated solution that provides secure custody, an advanced trading platform, and prime services makes us the smart choice for professional investors looking to manage crypto assets in one place.”
