Coinbase adds wallet support for SOL and Solana-based tokens

Coinbase, a leading US-based exchange, has announced the support for Solana (SOL/USD) and Solana-based tokens. This move comes shortly after Coinbase announced the launch of a Coinbase Pay feature to support Web3 initiatives.

Coinbase adds support for Solana

In the announcement, Coinbase noted that Solana had recorded immense growth over the past year. Solana has proven to be a better network than Ethereum regarding low costs and fees.

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The Coinbase wallet currently supports some of the top blockchain networks, including Bitcoin, Ethereum, BNB Chain, Ripple Network, Polygon, Avalanche, Dogecoin, Litecoin and Stellar Lumens. The Solana network is now the latest addition to this list.

“Many users have been looking for networks that are optimised for scale, offering low-cost transactions and fast transaction times. One of the fastest-growing blockchains over the past year has been Solana,” the announcement said.

Through this move, Solana-based cryptocurrency wallets such as Phantom and Solflare will now interact with the Coinbase wallet using a Chrome browser extension.

“In the coming months, we’ll be adding support for Solana NFTs and the ability for you to connect your wallet to Solana dapps to interact with everything the Solana ecosystem has to offer,” said Adam Zadikoff, the senior product manager at Coinbase.

The Solana network is highly utilised by decentralised finance (DeFi) and non-fungible tokens. Data from DeFiLlama shows that Solana’s TVL stands at $6.94 billion, making it the sixth-largest blockchain network by this metric.

Coinbase launches Coinbase Pay

Coinbase also recently announced the launch of the Coinbase Pay feature. This feature allows users to interact easily with Web3 initiatives. Coinbase noted that the feature would allow users to use a few clicks to interact with DeFi, DEXs and NFTs.

Users that adopt this new feature can select the cryptocurrency they want to use, specify the amount they want to spend and confirm the transaction. The feature will be available through an extension on the Chrome browser. Coinbase stated that the feature would ease how inexperienced traders interact with their wallets.