Coinbase Launches Support for ETH and USDC Transfers on Polygon

Coinbase announced via a tweet that users would soon be able to send and receive USD coins (USDC), Polygon (MATIC), and Ethereum (ETH) on Polygon. With polygon integration, Coinbase has enabled the first time to send and receive these assets on an L2 or sidechain. Coinbase also announced support for USDC transfers on Solana while promising to introduce support for more networks and coins quickly. We’re making it faster, easier, and cheaper to access web3: over the next month, eligible Coinbase customers will be able to send and receive ETH, MATIC, and USDC on @0xPolygon and USDC on @solana.https://t.co/vVLnk1DTZ2 pic.twitter.com/j93F4rKd6C — Coinbase (@coinbase) June 23, 2022 In an official blog post, the top cryptocurrency exchange explains the rationale behind the decision. The message claims that the cost of transmitting cryptocurrencies on Ethereum has increased, pricing out millions of potential users. Due to the recent increase in popularity of less expensive networks like Polygon and Solana, financing wallets on these networks can be challenging and time-consuming. Convert Fiat Currency into Cryptocurrencies Users can convert fiat currency into cryptocurrencies and fund their Polygon and Solana wallets quickly and inexpensively. Coinbase claims it wants to reduce time, effort, and astronomical costs. With trading and settlement occurring in the same order book regardless of the chain used to deposit funds, multichain as...