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Coinbase to Use Polygon’s Ethereum Scaling Solution to Reduce Prices, Settlement Times

An exact date for the L2 integration has not yet been made public.

Sep 1, 2021 at 2:51 a.m. UTC
Updated Sep 1, 2021 at 1:56 p.m. UTC

An engineering team at the U.S. cryptocurrency exchange Coinbase plans to integrate Polygon’s layer two (L2) scaling solution for Ethereum with the exchange platform.

  • The move marks a first for Coinbase’s protocol team, which will attempt to reduce high prices and long settlement times, according to a press release on Tuesday.
  • Integrating with Coinbase will allow exchange users to withdraw directly onto a supported L2 solution.
  • An exact date for the L2 integration has not yet been made public.
  • Coinbase said its protocol team is an experienced group of engineers aiming to contribute to the scaling of blockchains and community building. The team focuses on integrating various technologies with Coinbase products.
  • The aim is to help “level the playing field” while ensuring retail users don’t get priced out of being able to participate in this budding ecosystem, according to the release.
  • “This will certainly help to improve the Coinbase user experience,” said Polygon’s co-founder, Sandeep Nailwal.
  • Last month, Polygon merged with rollup platform Hermez Network in a $250 million deal, marking the first complete merger of one blockchain network into another.



DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Sebastian Sinclair is a CoinDesk news reporter based in Australia.

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