Coinbase Resumes Full Polygon PoS Support, Enables POL Trading Across All Regions

In an important update for the crypto community, Coinbase has announced the resumption of full Polygon PoS support on its platform.

Cryptocurrency exchange Coinbase has announced the resumption of full Polygon PoS support on its platform.

According to a recent tweet by Coinbase, Polygon PoS send/receive support has been resumed, and all services have been restored. Additionally, POL has been enabled for trading across all regions where MATIC is available for trade.

Coinbase also announced the restoration of USDC support from Coinbase to Polygon PoS, as well as send/receive for VOXEL, USDC, CBETH and WETH on Polygon.

The development comes after a year of community-led discussions and consensus, which led to MATIC being upgraded to POL as the network token for Polygon on Sept. 4.

As a result, every transaction that takes place on Polygon PoS will now utilize POL as its native gas token.

The POL migration will not only update the native token for the Polygon PoS network, but it will also expand the utility of Polygon's native token in future phases, reflecting and powering Polygon's vision of an ever-growing network of aggregated blockchains.

Coinbase began MATIC migration earlier this month

Earlier in August, Coinbase announced a migration for the Polygon ticker from MATIC to POL on the Polygon network, which began on Aug. 26 and will continue till Sept. 10.

Following this, send/receive for MATIC on the Polygon network was disabled to complete the ticker change from MATIC to POL.

Send/receive was also disabled for tokens on Polygon during the update, specifically VOXEL, USDC, CBETH and WETH — both of which have now been restored.

According to the announcement, Coinbase will continue to provide updates on the remaining steps of the migration.

In the coming months, Coinbase said it plans to complete the migration from MATIC to POL on behalf of users. The crypto exchange teased details regarding the migration of Coinbase balances, including the timeline for conversion once available.

At the time of writing, the POL token with the POL ticker was down 2.32% in the last 24 hours to $0.373.

In a significant milestone, the Polygon PoS reached a 21-month high of $1.95 billion in stablecoin market cap in the past month, boosted by major crypto projects, including Aave, Polymarket, Uniswap and Quickswap.