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Wednesday, November 30, 2022

Coinbase Wallet Provides Support To Solana

There has been news that SOL and tokens based on Solana are getting wallet support from Coinbase. Coinbase has also shared its plans to help DApps and NFTs on the blockchain in the future. Coinbase is a top-rated crypto exchange of the United States which recently made its mind to provide support to SOL and its SPL by Coinbase wallet assistance. 

Coinbase Wallet Announced To Support SOL After Coinbase Pay

Solana is a good replacement for ETH as it is less expensive than Ethereum and for this reason, Coinbase is thinking of supporting this network for the last 12 months. The Coinbase wallet support news was announced just after the launch of Coinbase Pay. This feature allows all the users to directly transfer money to their wallets with the help of an extension in the web browser. 

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The announcement of Coinbase wallet was done this Friday and they also gave a clear indication that in the future they will integrate with Solana even further. The first step of this integration will begin with the connection of Coinbase Wallet with NFTs and DApps which are hosted on their network and are championed by Sam Bankman-Fried, the CEO of FTX.

Solflare and Phantom, the users of wallets that are SOL based can directly import the preexisting wallets into the Coinbase wallets with the help of a browser extension on a desktop. Coinbase Wallet not only supports the SOL network but also other networks like Avalanche, BNB Chain, BTC, ETH, Polygon, and many more. 

As per the data of DefiLlama, the blockchain of SOL ranks fifth currently in regard to TVL with protocols of DeFi at $6.94 billion. The whole cryptocurrency market is not doing well currently and SOL is also facing the same issues its value has declined by 18% in one month. Solana is regarded as the fastest expanding blockchain in the past years.

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