Solana Officially On list Of Coinbase Backed Networks

• Coinbase, a leading cryptocurrency exchange based in United States has included support for Solana to its own custody wallet.
• Remarkably, this came out only some months after Brian Armstrong led crypto exchange initiated trading for a couple of DeFi projects on Solana; Bonafide and Orca.
• As of this writing, Solana was trading at a market value of $90.08, bullish by 4.91% in previous 24 hours.

Solana on Coinbase Wallet

Coinbase, a top-notch cryptocurrency exchange based in United States, has included support for Solana to its own custody wallet. Which means this wallet will now be capable to back Solana tokens, involving SOL and rest of SPL tokens supported by network.

However, this support is accessible through Coinbase Wallet’s browser extension, but it is intending to add support to its mobile version in future as well.

But there is no specific date offered regarding when it will happen. This is the initial time wallet will include support for a network not based on EVM (Ethereum Virtual Machine).

Coinbase, via its latest wallet, is constantly working on eating into sector dominance of MetaMask wallet backed by ConsesSys for a while now. This latest development will assist its attempt in that specific direction. Its wallet might also influence phantom dominance, a top-notch wallet based on Solana.

Remarkably, this is coming just after some months Coinbase initiated trading for a couple of DeFi projects on Solana network; Bonafide and Orca.

NFTs Aren’t Supported Yet

Senior product manager of Coinbase, Adam Zadikoff, stated that crypto exchange will including support for Solana non-fungible tokens, as well as ability for folks to link wallet to Solana decentralized applications through wallet – a banner inside application states that these attributes are on their way. This corroborates statement given by its executive.

As of now, compatibility of SPL token has restricted use, and other Solana wallets like Phantom and Solflare already contain these attributes, plus they enable users to stake directly utilizing the application.

Coinbase wallet already backs Avalanche, BNB Chain, Polygon, and Ethereum blockchain tokens. As per organization, it contains about 13 million users across its mobile application as well as browser extensions.

Less Wallets, More Digital Assets

If you don’t possess a Solana-supported wallet like Solflare or Phantom, it is really swift and simple to import your persisting Solana self custody wallet into a Coinbase wallet. This requires a browser extension for and recovery phrase of Solana wallet.

If Solana wallet is unavailable with folks, there’s nothing to worry about as Coinbase wallet extension will make one automatically. And through recently released Coinbase Pay, it is too simple to add SOL tokens in Coinbase browser extension — folks can securely mobilize their SOL tokens they have in their Coinbase account to their Coinbase wallet, or acquire them via their stored transaction methods.

This release is just a commencement of Solana network as well as Coinbase Wallet joining forces together. In upcoming months, organization is going to add support for Solana NFTs and ability for folks to link wallets to Solana decentralized apps.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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