Coinbase Wallet now supports BNB Chain and Avalanche token swaps

Coinbase on Monday (May 23) announced that its non-custodial wallet shall start supporting Avalanche and BNB Chain (formerly known as Binance Smart Chain) token swaps. The move will see Coinbase Wallet expand the list of tokens it can support since until yesterday the wallet could only support Polygon and Ethereum-based token swaps.

According to a blog post published by Coinbase, the Senior Product Manager at Coinbase, Catherine Shyu Sullivan, said:

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“Coinbase Wallet brings the expansive world of DEX trading to your fingertips, where you can easily swap thousands of tokens, trade on your preferred network, and discover the lowest fees… You can now trade on BNB Chain (formerly Binance Smart Chain) and Avalanche, letting you swap a greater variety of tokens than most traditional centralized exchanges can offer.”

Coinbase Wallet

Coinbase Wallet is an in-app DEX that makes it easy for users to access various types of tokens through its trading feature that compares rates across multiple exchanges through its 0x API, which saves a user’s time by reducing the number of steps required when swapping tokens.

In the blog post, Sullivan explained how the Coinbase Wallet works saying:

“Coinbase Wallet’s in-app DEX makes it easy to access these types of tokens through its trading feature, which compares rates across multiple exchanges through the 0x API and saves you the extra steps along the way… Before swapping on a network, make sure you have the native token of the network you wish to make a swap on in your wallet to cover the network fees. This means, for instance, that for a swap on Avalanche, you will need some AVAX in your wallet.”

Sullivan then went ahead and gave an outlook of the future of Coinbase Wallet by promising that they intend to make it possible to conduct swaps on a greater list of blockchains in the coming months. Sullivan said:

“We want to make it easier for you to engage in the world of decentralized finance (DeFi) and web3. In the months to come, we’ll be making it possible to conduct swaps on an even greater variety of networks. Not only will trading expand, but we’re also planning to add support for network bridging, allowing you to seamlessly move tokens across multiple networks.”