Coinbase Wallet adds support for Solana, hints integration of Solana ecosystem tokens
The biggest crypto exchange in the United States, Coinbase has announced that it has added wallet support for Solana and plans to further integrate with the ecosystem of Solana tokens (SPL).
Coinbase wallet adds Solana
Coinbase announced Solana integration citing the growing interest in the network over the past one year as the crypto community looks for a low-cost substitute for Ethereum.The move comes a few days after the exchange giant launched Coinbase Pay, which enables customers to fund their wallets directly through a web browser extension.
The company also outlined plans to integrate with Solana by connecting its wallet with decentralized applications (dApps) and non-fungible tokens (NFTs) hosted on the network, which is famed championed by FTX CEO Sam Bankman-Fried, in a March 18 blog post announcing the step.
“Coinbase Wallet plans to further integrate with the Solana ecosystem, including the ability for users to connect to Solana dApps, and the ability to view and manage their Solana NFTs directly within their Coinbase Wallet extension.”Users of Solana-based wallets like Phantom and Solflare can now import their wallets into the Coinbase Wallet using a desktop browser extension.
The Coinbase Wallet now accepts Ethereum, Avalanche, Polygon, BNB Chain, Bitcoin, Dogecoin, Litecoin, Stellar Lumens, and the Ripple network, following the integration of the Solana network.
Solana’s massive growth
Solana, who is also known as “Ethereum killer,” has seen massive growth in the past year. Due to its cheaper and fast transactions with less impact on the environment, has boosted the adoption of the network.Solana Labs continues to extend its success in 2022 by recently launching a new digital payment protocol, Solana Pay to be used by merchants to allow crypto payments directly to their customers.
The Solana Blockchain is positioned at the fifth spot in terms of Total value locked (TVL) in DeFi protocols at $6.94 billion.
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