Coinbase Expands Its Service to Include Avalanche C-Chain
On February 28, according to the official Twitter, Coinbase announced that qualified Coinbase customers can now send and receive ETH, USDC, DAI and WBTC on Ava…
On February 28, according to the official Twitter, Coinbase announced that qualified Coinbase customers can now send and receive ETH, USDC, DAI and WBTC on Avalanche C-Chain.
Coinbase has supported sending and receiving ETH and other assets on Avalanche C-Chain
Interpret the above information:
Coinbase has made an exciting announcement on its official Twitter account on February 28, 2021. The statement revealed that qualified Coinbase customers could now send and receive four new cryptocurrencies, including ETH, USDC, DAI, and WBTC, on Avalanche C-Chain. This news comes as a significant milestone for Avalanche, a blockchain platform that has been gaining popularity thanks to its high transaction speed and low fees.
Coinbase is one of the world’s most prominent cryptocurrency exchanges, with a reputation for providing a reliable and user-friendly platform for trading digital assets. As of February 2021, the exchange boasts over 43 million verified users across more than 100 countries worldwide. In addition, Coinbase supports more than 30 different cryptocurrencies, making it a go-to choice for crypto enthusiasts and investors.
Adding Avalanche C-Chain to its list of supported networks is a strategic move for Coinbase. Avalanche C-Chain is built on the Avalanche blockchain platform, which uses a consensus mechanism called Avalanche-X. This allows for high throughput, making it possible to process thousands of transactions per second. Additionally, the platform has low transaction fees, making it an attractive option for users who want to send and receive cryptocurrencies without incurring high costs.
The four cryptocurrencies included in Coinbase’s announcement are all popular offerings on the platform. ETH, the native token of the Ethereum blockchain, is the second-largest cryptocurrency in terms of market capitalization. USDC is a stablecoin that is pegged to the US dollar, making it a popular choice for traders who want to avoid the volatility of other cryptocurrencies. DAI is another stablecoin that is backed by collateral, creating a decentralized alternative to USDC. Finally, WBTC is a wrapped Bitcoin token that is pegged to the value of Bitcoin, allowing it to be traded on the Ethereum blockchain.
In conclusion, Coinbase’s announcement that qualified customers can now send and receive ETH, USDC, DAI, and WBTC on Avalanche C-Chain is a significant development in the cryptocurrency world. The move brings together one of the world’s biggest exchanges and one of the most promising blockchain platforms, offering users a secure, fast, and economical way to trade digital assets. Coinbase’s decision to expand its services to Avalanche C-Chain highlights the increasing role of blockchain-based technologies in the financial sector, signaling an exciting future for the crypto industry.
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