CoinJar is the first Australian crypto exchange to offer multichain transactions
In a first in Australia for an Australian-headquartered cryptocurrency exchange, CoinJar is launching a multichain capability, allowing customers to send their cryptocurrency tokens across multiple different blockchain networks.
What Does This Mean for Customers?
Customers can access a wider range of tokens and blockchains using multichain. This means that they can potentially save on transaction costs by choosing the most efficient blockchain.
When customers move their crypto around, they usually have to pay fees, called “gas fees”. On some blockchains, like Ethereum, when the network gets busy, gas fees rise and transactions can take a longer time to process.
However, CoinJar customers can now use an alternative network, like Solana, instead of Ethereum. They may find their transaction being processed in a matter of seconds, and their gas fees less than a cent.
Asher Tan, CEO of CoinJar said, “Different blockchains host different cryptocurrencies. By becoming multichain, CoinJar can list and support a wider variety of cryptocurrencies for customers to buy, sell, and trade. And when our customers move these cryptocurrencies, they don’t just have to stick with the blockchain that the crypto is native to. They can choose an alternative blockchain that has cheaper fees.”
Example
Now that CoinJar is multichain, customers can transfer the USDC stablecoin on the Solana network, in addition to being able to move it on the Ethereum network.
Solana transaction fees can be significantly lower than Ethereum fees, allowing customers to save on every USDC transfer.
Solana’s network is renowned for its near-instant transaction confirmations, vastly improving the speed of USDC transfers. No more waiting in limbo — transactions can now be completed in seconds.
Whether you’re sending funds, or moving assets between wallets, speed is no longer an issue.
How is CoinJar Different?
Some Australian crypto platforms act like an exchange, but are actually brokers that rely on third-party exchanges.
That is, they accept funds from customers and use these funds to buy and trade crypto on external crypto exchanges, most of which are overseas. This adds risk as customers cannot be sure where their trades are being done, e.g. if the third-party exchange goes bankrupt.
However, CoinJar is a genuine exchange and has built its own multichain infrastructure. By eliminating intermediaries, CoinJar can offer a more secure environment for transactions.
Why This Matters
As the first Australian crypto exchange to offer multichain capability, CoinJar is setting a new standard for the industry, reinforcing its commitment to innovation.
