Coinbase has launched Solana-based DEX trading within its application. Users can directly interact with on-chain swaps and USDC payments without the use of a legacy custodial system.
Coinbase Extends Solana Integration to Include DEX Trading Support
Protocol Specialist for the exchange, Andrew, confirmed that the company has flipped the switch on native support for Solana DEX trading. This means, if all goes well, users can directly swap SOL-based tokens through the app.
They can now settle trades using the USDC in addition to traditional funding sources like cash, bank accounts, and debit cards.
This new feature extends Coinbaseâs previously announced DEX launch in August that started with Base-network assets. At the time, the company said Solana support was due to come soon. This weekâs launch fulfills that commitment ahead of schedule.
The exchange said it will be listing more DEX-supported tokens, one by one. The exchange deployed batches of new Base-native assets to broaden trading options for users.
This comes as the exchange faces tough competition and a drop in trading volumes. In its Q2 earnings report, the company mentioned that spot trading activity has decreased. It also pointed out that competitors like Robinhood and Kraken are taking away its market share in the U.S.
By offering decentralized trading, the U.S. exchange is responding to customer demand for self-custody and on-chain execution. DEX platforms allow users to keep their assets and rely less on custodial services.
For expanding globally, the company has not given any timeline. However, it has only said that it shall, from time to time, add new regions and networks gradually.
Last month, the company announced that it will buy Vector.fun. This is a Solana based platform used for memecoins and social trading.
What New Products Are Now Available To Users on the Exchange?
Last month, the company began offering futures contracts for Dogecoin and other altcoins. Also, Coinbase Prime made a deal with Figment to provide more staking options for institutions. This will include support for Solana.
Notably, in September, the exchange announced that the Base network is thinking about launching its own token. This token would promote decentralization and give the Base community a stronger voice in decision-making.
The company was also in talks to buy BVNK. However, discussions have hit a snag due to some issues found during the review process, according to sources.
Source: https://coingape.com/coinbase-adds-solana-dex-trading-with-support-for-usdc-and-bank-payments/
