Coinbase recently integrated itself with Polygon’s Network in an attempt to adopt the layer-two scaling methods and technologies, which many institutions are working hard to fully embrace these days. The announcement had come yesterday on the 13th of July when the popular American cryptocurrency exchange revealed that the highly-coveted Polygon Network has now been added onto Coinbase and is available to be used via the platform’s wallet mobile application as well as extension. It had additionally been announced that this is just the beginning and that the customers can expect even more scaling solutions to arrive in the near future.
The exchange states that over a million wallet customers tend to utilize DeFi protocols quite regularly. These include the likes of Aave, Compound, Uniswap, and even NFT (non-fungible token) based platforms such as Zora and OpenSea.
It should be mentioned that regarding Ethereum’s current excessive transaction fees (though these are expected to decrease after the London hard fork), Coinbase’s own relatively high fees will be added, and so a key reason as to why many may prefer avoiding the exchange is because of the possible inability to afford it.
Nevertheless, Coinbase will go ahead with its plans of integrating with Polygon and has stated that as far as using the aggregator for layer two scaling is concerned. Consumers need only choose it from the list of available active networks within the wallet application. Of course, the users shall be required to have at least some crypto-assets present on Polygon’s platform, for starters, as the exchange doesn’t natively support layer 2. However, after the wallets have been successfully linked, the users can enjoy being able to freely utilize the Polygon Bridge in order to transfer any and all ERC-20 tokens to Polygon.
Afterward, the users shall have the chance of employing any protocols and dApps that are integrated with Polygon, like Aave, for instance, in order to delve even further into decentralized finance, which is a primary goal of Coinbase as it wishes to bring millions of people towards DeFi.
MATIC is down along with the rest of the crypto market
As is so often the case with the cryptocurrency market, nearly all of the altcoins are in the red at the moment, including Polygon’s MATIC token.
Right now, MATIC is trading at just below $0.9, which is a decrease of nearly 10% overnight. Still, many expect the price to eventually increase alongside the other cryptocurrencies.