News Update

Indian Startup Polygon’s Scaling Solution To Be Integrated By Coinbase, World’s Second Largest Crypto Exchange

• BySheetal Sidhu     |    September 1, 2021

Coinbase,the world’s second largest crypto exchange by daily volume in a blog last week said it is planning to integrate Indian startup Polygon’s Layer 2 (L2) solution as its first scaling solution. Just as it announced support for the Polygon network for both Coinbase Wallet and extension, it now plans to integrate the scaling solution to reduce prices and settlement times. The exchange said in the blog post, “One of the most exciting projects our protocol team is working on is to help scale Ethereum through an integration with L2 and other scaling solutions. Scaling Ethereum will help address some of the biggest challenges, including high prices and long settlement times. We want to allow our customers to quickly and cheaply withdraw directly onto a supported L2 solution.”

It added that it hopes it can help level the playing field and ensure retail users don’t get priced out of being able to participate in the ecosystem. Although an exact date for the L2 integration was not revealed, Coinbase added its protocol team aims to contribute to open source projects, integrate cutting edge technologies with Coinbase products and support developers through Coinbase’s grant programs. The founders now aim to transform Ethereum into a multi-chain ecosystem with secured Layer 2 chains and standalone chains. On the back of its scaling solution, Polygon and its native token MATIC have been making big waves across the blockchain and cryptocurrency sectors.

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