Coinbase – the world’s second-biggest daily volume cryptocurrency exchange – stated in a blog last week that it plans to incorporate Polygon Layer 2 (L2) as its initial scaling option.
Just as it announced support for both Coinbase Wallet and expansion to the Polygon network, it plans to incorporate the scaling solution to decrease pricing and payout times.
In the blog post, the exchange said:
“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 said that it believes it can aid raise levels and guarantee that retail users are not overcharged since they can engage in the ecosystem.
Integration of Leading-Edge Technologies
Although a specific date, not disclosed for L2 integration. Coinbase said its protocol team intends to contribute to open source projects. Also, integrate leading-edge technologies with Coinbase products and help developers via support programmes.
The blockchain company rebuilt Polygon in the past year. And attracted Mark Cuban as an investor, US-based technology billionaire, and serial start-up investor.
The company, booted using money from family and friends. And subsequently raised $5 million from Binance during an initial offer of exchange. Also, that saw the founders selling a part of their MATIC tokens.
Layer 2, a collective phrase used to describe blockchain technologies. That enable apps to grow via the processing of transactions in Ethereum Layer 1.
With their scaling approach, polygon and its native MATIC token have made large ripples throughout the blockchain and cryptocurrency industries.