Ship and obtain crypto on a number of networks, beginning with Polygon and Solana | by Coinbase | Jun, 2022


TL;DR: Over the following month, eligible Coinbase clients will be capable to ship and obtain ETH, MATIC, and USDC on Polygon, and USDC on Solana. The Polygon integration marks the primary time Coinbase has enabled the flexibility to ship and obtain these belongings on an L2.

By Nemil Dalal, Director, Product Administration and Justin Blumenthal, Product Supervisor

Sending crypto on Ethereum has turn out to be more and more costly for particular person customers and establishments. As some of the sturdy programmable blockchains, Ethereum has the most important ecosystem of builders, merchandise, and providers. However as blockchain utilization has surged, fuel charges (charges paid to miners to validate transactions on Ethereum) have skyrocketed, pricing out thousands and thousands of would-be customers. Whereas these excessive fuel charges have brought about extra inexpensive networks like Polygon and Solana to extend in recognition over the previous 18 months, the method of funding wallets on these networks will be advanced and time-consuming.

Coinbase is lowering the time, effort, and excessive charges of at the moment’s expertise by letting clients convert fiat to crypto and fund their Polygon and Solana wallets in minutes and at a fraction of the associated fee. Over the following month, eligible Coinbase and Coinbase Change clients will be capable to ship and obtain ETH, MATIC, and USDC on Polygon, they usually’ll be capable to ship and obtain USDC on Solana.¹ Over time, we’ll add assist for extra tokens and extra networks.

Entry extra of web3 at a fraction of the associated fee and time

On Ethereum, it may value over $10 in fuel charges to ship small quantities of crypto from an trade like Coinbase to a self-custodial pockets like Coinbase Pockets, and it may value over $100 in fuel to lend out bigger quantities of crypto on protocols like Aave. This has pushed an enormous improve in improvement and exercise on different networks, with over 30% of DeFi Complete Worth Locked now sitting exterior of Ethereum. Nonetheless, it’s not easy to maneuver crypto throughout networks. Customers should buy crypto on an trade, ship it to their self-custodial pockets, then use a bridge to ship their crypto to a special chain. It might take roughly 20 minutes, $50 in fuel, and 10 protracted steps to buy a NFT on Polygon by way of OpenSea. Now, Coinbase clients can convert their fiat to ETH, MATIC, and USDC and fund their Polygon pockets at a fraction of the associated fee and time, making it easy to discover extra of web3.

Institutional merchants are more and more lively throughout a number of networks and dapps, however the technique of bridging between networks is inefficient for them as nicely. Multichain asset assist by way of Coinbase Change permits for seamless deposits and withdrawals throughout Ethereum, Polygon, and Solana, with buying and selling and settlement in a single order e-book whatever the chain used to deposit funds. We’ve eliminated the complexity of managing totally different balances of a single asset throughout networks with one complete, unified stability.

Swap networks in a couple of easy steps

We’ve made it simple for each particular person and Coinbase Change clients to ship and obtain on Polygon and Solana. Right here’s the way it works:

For particular person clients utilizing the Coinbase cell app or coinbase.com:

  • Determine which self-custody pockets you’ll use to obtain your crypto. Should you don’t have a self-custody pockets, it solely takes a couple of seconds to get began with Coinbase Pockets. Be sure to’re selecting a self-custody pockets that helps both Polygon or Solana, relying on which community you intend to pick out. Remember the fact that all sends to crypto addresses are irreversible. Coinbase can’t retrieve funds despatched to the inaccurate handle or utilizing the inaccurate community
  • Open your Coinbase cell app or log into coinbase.com and faucet ‘Pay’
  • Faucet ‘Ship’, then choose ETH, MATIC, or USDC. Enter the quantity you wish to ship
  • Enter your self-custody pockets handle. Should you’re utilizing Coinbase Pockets, discover your handle by tapping ‘Obtain’, then choose the token you’re making an attempt to obtain and duplicate your handle
  • Preview your ship, faucet the arrow subsequent to Community, and choose your most well-liked community
  • Full your ship

For customers buying or transferring crypto from Coinbase utilizing their Coinbase Pockets cell app*:

  • Navigate to the Settings tab and choose ‘Purchase or Switch’
  • Choose ETH, MATIC or USDC and enter the quantity you’d like to purchase or switch from Coinbase
  • Faucet the community icon within the high proper nook of the app. Select your most well-liked community
  • Choose ‘Proceed’ to preview the small print of your buy or switch, then faucet ‘Affirm’ to finish your buy

*Should you’re utilizing the new model of the Coinbase Pockets cell app, discuss with the directions under.

For customers buying or transferring crypto from Coinbase utilizing their Coinbase Pockets browser extension:

  • Click on the ‘Purchase’ icon (+) and select ‘Add crypto with Coinbase Pay’
  • Choose ETH, MATIC or USDC and enter the quantity you’d like to purchase or switch from Coinbase
  • Choose the community subject to decide on your most well-liked community
  • Preview the small print of your buy or switch, then click on ‘Affirm’

For Coinbase Change clients*:

  • From trade.coinbase.com, select Withdraw
  • Choose ETH, MATIC, or USDC and Withdraw to a Crypto Deal with
  • Choose the Community subject and select your most well-liked community
  • Enter the pockets handle you want to withdraw to, and ensure your community choice
  • Enter the withdrawal quantity, and full your withdrawal

*Alternatively, use your API key entry and newest API documentation so as to add the community subject to your deposits or withdrawals.

Wanting Forward

Coinbase goals to be the platform for transferring crypto all through the cryptoeconomy by enabling customers to route funds to any community, making it simpler and cheaper to entry web3 in order that billions of individuals can energy their monetary lives with crypto rails. We’re excited to construct on this basis by including assist for extra networks and belongings to make it less complicated for customers to dive deeper into web3.

¹Multichain community availability restricted by jurisdiction.

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