Starting today, Coinbase supports Polygon (MATIC), SKALE (SKL) and SushiSwap (SUSHI) at Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now buy, sell, convert, send, receive, or store MATIC, SKL and SUSHI. MATIC, SKL and SUSHI are available in all Coinbase-supported regions, with the exception of SUSHI in New York State. MATIC, SKL and SUSHI trading are also supported on Coinbase Pro.
MATIC is an Ethereum token that powers the PolygonMatic Network, a multichain scaling solution for Ethereum. Polygon aims to provide faster and cheaper transactions on Ethereum using Layer 2 sidechains, which are blockchains that run alongside the Ethereum main chain. Users can deposit Ethereum tokens to a Polygon bridge smart contract, interact with them within Polygon sidechain, and then later withdraw them back to the Ethereum main chain, if need be. The MATIC token is used to pay transaction fees and participate in proof-of-stake consensus.
SKL is an Ethereum token that powers SKALE, which describes itself as “an Ethereum-compatible network with a leaderless consensus designed to run on an uncapped number of independent nodes.” The SKL token grants a right to participate as a network validator, stake as a delegator, or access a share of the network’s resources as a developer.
SUSHIis an Ethereum token that powers SushiSwap, a decentralized cryptocurrency exchange and automated market maker built on Ethereum. Holders of SUSHI can participate in community governance and stake their tokens to receive a portion of SushiSwap’s transaction fees.
One of the most common requests we hear from customers is to be able to buy and sell more cryptocurrencies on Coinbase. We announced a process for listing assets, designed in part to accelerate the addition of more cryptocurrencies. We are also investing in new tools to help people understand and explore cryptocurrencies. We launched informational asset pages (see MATIC, SKL and SUSHI), as well as a new section of the Coinbase website to answer common questions about crypto.