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Coinbase Wallet adds support for Solana

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Solana (SOL) and its ecosystem of Solana coins now have wallet support on Coinbase, a leading U.S. crypto exchange (SPL).

Coinbase claimed a surge in interest in Solana over the last year as the main reason for introducing support to the network. As investors seek low-cost alternatives to Ethereum.

Coinbase Pay, which allows users to fund their wallets directly using a web browser extension, introduced a few days ago. And the increased wallet support comes just days after the company debuted Coinbase Pay.

The firm also loosely described intentions to “further integrate” with Solana by integrating the Coinbase Wallet with decentralised apps (dApps) and non-fungible tokens (NFTs) housed on the network in a blog post announcing the move on March 18. FTX CEO Sam Bankman-Fried is a well-known supporter of this cause.

Users of wallets based on Solana, such as Phantom and Solflare, can now integrate their previous wallets into the Coinbase Wallet via a desktop browser extension.

The Coinbase Wallet now supports Ethereum, Avalanche, Polygon, BNB Chain, Bitcoin, Dogecoin. As well as Litecoin, Stellar Lumens, and the Ripple network thanks to the integration of the Solana network. As quoted by Coinbase:

“Many users have been looking for networks that are scale-optimized, with cheap transaction costs and quick transaction times. Solana has been one of the most rapidly expanding blockchains in the last year.”

The Solana blockchain is now rated sixth in terms of total value locked (TVL) among decentralised finance (DeFi) protocols, according to Defi Llama data, with $6.94 billion. Last month, CryptoSlam, a blockchain data aggregator, ranked it as the second-highest blockchain for secondary sales volume, with $156.28 million.

What is Solana (SOL) Pay, and how does it work?

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