Coinbase Wallet Adds Support for Solana Tokens

  • Coinbase users can now use the exchange’s self-custody wallet to store, send, and receive SOL and Solana-based tokens.
  • The exchange also revealed it was looking to add wallet support for Solana-based NFTs and dApps in the near future.
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Coinbase Wallet, a self-custody wallet provided by crypto exchange Coinbase, as added support for Solana (SOL) and Solana tokens (SPL), the exchange said in a blog post on 17 March.

According to the announcement, support for SOL and SPL was added only to Coinbase Wallet’s web browser extension, with the exchange looking to add support for its mobile application in the near future. Users of Solana-based crypto wallets, such as Phantom and Solflare, can also easily import their wallet to Coinbase’s self-custody solution. Coinbase’s senior product manager, Adam Zadikoff, said in the blog post:

“We want to empower millions of people to seamlessly participate in the exciting world of dapps and the larger crypto ecosystem. With its low fees and fast transaction times, Solana makes the world of crypto accessible to even more people and is a great introduction to web3.”

One of the reasons behind the move is Solana’s incredible growth over the past year, with the blockchain currently having $6.91 billion in total value locked in DeFi protocols. Coinbase plans to further integrate with the Solana by connecting its wallet with decentralized applications (dApps) and non-fungible tokens (NFTs) hosted on the blockchain.

With the inclusion of Solana, the Coinbase Wallet — which has more than 13 million users — now supports a total of 10 blockchains, the rest being Bitcoin, Ethereum, Ripple, BNB Chain, Litecoin, Avalanche, Polygon, Dogecoin, and Stellar Lumens. The addition of Solana was announced just a few days after Coinbase launched its new “Coinbase Pay” feature, which enabled users to fund their wallets directly through the web browser extension.

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