Good news for Polygon’s investors, Coinbase has announced support for Polygon network for both Coinbase wallet and extension, they are planning to integrate the Polygon scaling solution to reduce prices and settlement times.
The exchange said in the blog post, “Just as we announced support for the Polygon network for both Coinbase Wallet and extension, we plan to integrate Polygon as our first scaling solution for Coinbase”.
“One of the most exciting projects our protocol team is working on is to help scale Ethereum through 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.” Coinbase was added to its blog.
This is a big step by Coinbase but the exact date for L2 integration was not revealed yet. Coinbase said its protocol team aims to contribute to open source projects and they will support developers through their grant programs.
It should be noted that the Polygon was first started in 2017 as a Matic in Bengaluru, India by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun. In 2021 the Matic team rebranded it with a new name Polygon and a US-based tech billionaire Mark Cuban joined it as an investor. Its mission is to solve Ethereum’s scalability issues.
Matic startup was first started with small funds from friends and family and later they raise $5 million from big crypto exchange Binance in an initial exchange offering.