Coinbase has supported sending and receiving ETH and other assets on 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 Avalanche C-Chain.
Interpretation of this information:
The announcement made by Coinbase on February 28 certifies that qualified Coinbase customers have the capacity to send and receive four different cryptocurrencies, namely ETH, USDC, DAI, and WBTC, using Avalanche C-Chain. The official Twitter account of Coinbase disclosed this information, thereby expanding the company’s network by tapping into Avalanche’s platform.
The four cryptocurrencies available for transfer on Avalanche C-Chain present various purposes and functionalities, which can cater to different trading and investment preferences. First, ETH, or Ethereum, is a blockchain that provides a platform for developers to create decentralized applications and smart contracts. As an alternative to Bitcoin, it operates on a proof-of-work (PoW) consensus mechanism and is used to pay for transactions and services within the Ethereum network.
The second cryptocurrency, USDC, or US Dollar Coin, is a stablecoin that is pegged to the US dollar. It allows for convenient and fast cross-border payments and trades, as the value of USDC remains tied to the USD. This feature makes it an efficient option for investment and trading.
Third, DAI is also a stablecoin, but its value is linked to a basket of assets, which provides a more decentralized approach to stablecoin. It can also be used as a hedging tool or as a means of payment.
Lastly, WBTC, or Wrapped Bitcoin, is an ERC-20 token that is backed 1:1 by Bitcoin. It is used to enable Bitcoin trading on the Ethereum network, making Bitcoin transactions faster and cheaper.
By offering the capability for qualified Coinbase customers to transact the four cryptocurrencies on Avalanche C-Chain, the company expands its reach to another blockchain. Avalanche’s high throughput and low fees can provide a better trading and investment experience to Coinbase customers, who can now take advantage of the platform’s offerings.
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