- Coinbase Wallet now supports assets bridging between Ethereum and Polygon in the browser extension.
- At the moment, the new feature works only on browser extensions. Nonetheless, Coinbase pledged to make it available for mobile wallet users.
- The company said last Tuesday that it would temporarily halt all deposits and withdrawals of Ethereum and ERC-20 tokens during the Ethereum merge.
Coinbase, one of the largest cryptocurrency exchanges, just made additional support for crypto traders. Coinbase Wallet now supports assets bridging between Ethereum and Polygon in the browser extension.
1/ Ready, set, bridge 👇
Coinbase Wallet users can now bridge assets between @ethereum and @0xPolygon directly in the browser extension
✅ Fewer steps
✅ Fewer dapp connections
✅ No Coinbase fee**For a limited time only. Network fees still apply. pic.twitter.com/toziVMYTPN
— Coinbase Wallet (@CoinbaseWallet) August 17, 2022
At the moment, the new bridge feature works only on browser extensions. Nonetheless, Coinbase pledged to make it available for mobile wallet users.
For context, bridging is the process of moving assets from one blockchain to another because blockchain assets are not always compatible. Also, traders see bridging Ethereum and other networks as necessary to cut high gas transaction fees and to leverage markets that only exist on another blockchain.
In related news, Coinbase announced on August 16 that it would temporarily halt all deposits and withdrawals of Ethereum and ERC-20 tokens during the Ethereum merge.
Coinbase explained in the blog post on Tuesday that the suspension is a preventative step allowing the exchange to “verify that the shift has been effectively reflected” by their systems.
The “merge” refers to a substantial protocol upgrade that will integrate the Ethereum mainnet and the beacon chain, completing the network’s switch to proof-of-stake.
According to a report, Coinbase is well-positioned to profit more from the Ethereum Merge as an institutional investor. In contrast to its 7% market share in the crypto ecosystem, Coinbase has an estimated 15% market share in ETH assets.
JPMorgan Worthington claims that institutions more likely to possess ETH and Bitcoin (BTC) make up most of Coinbase’s customers, predicting that the exchange may make an additional $650 million in yearly staking money from the Merge, with ETH trading at $2,000 and a 5% return.
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