Solana Sees Small Bump in Price As Coinbase Wallet Expands Support for SOL Ecosystem

Coinbase is pressing ahead toward the Web 3.0 future by enabling its browser-based wallet to accept assets from the Solana (SOL) ecosystem.

According to a new press release, the US-based crypto exchange says it’s responding to new needs and opportunities as blockchain technology expands its frontiers.

“Over the past year, there has been an explosion of interest in Web 3.0 and decentralized applications [DApps], including NFTs [non-fungible tokens] and decentralized finance (DeFi).

One of the blockchain networks that has seen a surge in usage is Solana, which has built a vibrant community of both developers and users along the way.”

The announcement goes on to say that the Coinbase Wallet browser extension will support transactions and storage not just for the Solana crypto asset but other tokens within the Solana Program Library (SPL) roster.

Coinbase says the expanded feature helps simplify the user experience by eliminating the need to keep track of multiple crypto wallet apps. Future integration with Solana will include connecting to its DApps and managing Solana-based NFTs.

Solana is a layer-1 smart contract platform that offers scalability solutions as an alternative to Ethereum (ETH). Hundreds of projects are built on its decentralized blockchain.

Coinbase has previously opened its wallet up to cryptocurrencies compatible with the Ethereum Virtual Machine (EVM), including assets held on Ethereum, Avalanche (AVAX), Polygon (MATIC), and Binance Smart Chain (BSC), powered by Binance Coin (BNB).

At time of writing, Solana is up 4.24% on the day and trading for $89.76.

SOL is up 13.8% from a weekly low of $78.82 back on March 13th.

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