Coinbase Embraces Support for Solana, More Integrations Expected

Key Insights:

• Coinbase has launched crypto wallet support for the Solana ecosystem.
• Users can manage their Solana (SOL) and Solana tokens and access various Web 3.0 applications.
• The exchange says more integrations like Solana-based NFTs and Solana dapps connections are coming soon.

U.S. cryptocurrency exchange Coinbase announced today the addition of the Solana ecosystem into its wide-spread wallet extension networks.

Solana Network Arrives at Coinbase

With the new inclusion, Coinbase users can manage their Solana (SOL) and Solana tokens alongside other crypto tokens held on Coinbase. Coinbase Wallet extension supports networks including Ethereum, Avalanche, Polygon, BNB Chain, and more.

Additionally, the crypto exchange has pledged more Solana integrations shortly. It will add support for Solana-based non-fungible tokens (NFT) and the ability to plug Coinbase Wallet into Solana decentralized applications (dapp). 

Coinbase senior product manager Adam Zadikoff said in a release,

“In the coming months, we’ll be adding support for Solana NFTs and the ability for you to connect your wallet to Solana dapps to interact with everything the Solana ecosystem has to offer.”

Coinbase recently announced its plans to launch its Coinbase NFT marketplace, permitting users to discover, mint, purchase, and showcase NFTs. The exchange had reached out to over 100 creators looking to accelerate the NFT launch.

Solana tokens will only be available via Coinbase Wallet browser extension during launch, and the mobile app won’t show them.

User Benefits

With the new Solana integration, users of Coinbase will receive access to a wider variety of Web 3.0 applications without swapping wallets, with its low fees and fast transaction times. Zadikoff said,

“We want to empower millions of people to seamlessly participate in the exciting world of dapps and the larger crypto ecosystem.”

Also, Coinbase enables users to import their existing Solana self-custody wallets, such as Phantom or Solflare, into Coinbase Wallet. This can be achieved by inputting their confidential recovery phrase into the Coinbase Wallet extension upon setup.

SOL was trading at $86.53 at press time, after rallying by 5% overnight at Asia time and stumbling again this morning.