Solana joins list of networks supported by Coinbase wallet 🚨 This article is 3 years old...
Solana joins list of networks supported by Coinbase wallet
The wallet would not allow users to interact with Solana Dapps nor does it support Solana NFTs presently.
2 min read
Updated: Mar. 18, 2022 at 3:57 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Leading US-based crypto exchange, Coinbase has added support for Solana to its self custody wallet. This means that Coinbase wallet will now be able to support Solana tokens, including SOL and all other SPL tokens supported by the network.
However, this support is currently available only for the browser extension of Coinbase Wallet. The exchange intends to add support to its mobile wallet later on.
But there’s no timeline for when this will happen. This is the first time the wallet will add support for a network not based on Ethereum Virtual Machine (EVM).
Coinbase, through its new wallet, has been working on eating into the market dominance of ConsenSys-backed MetaMask wallet for a while now. This new development would help its effort in that direction. Its wallet could also affect the dominance of Phantom (a leading Solana-based wallet).
Notably, this is coming only a few months after the Brian Armstrong-led exchange opened trading for two DeFi projects on Solana; Orca, and Bonafide.
No NFT support yet
Adam Zadikoff Coinbase senior product manager said that the exchange was will 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.”
It should be noted that Coinbase does not currently allow users to interact with Solana Dapps via the wallet —a banner within the app states that these features are coming soon. This corroborates the statement made by its executive.
Presently, the SPL token compatibility has limited use and other Solana wallets such as Solfare and Phantom already have these features plus they even allow users to stake directly using the app.
Coinbase wallet already supports Ethereum, Polygon, BNB Chain, and Avalanche blockchain tokens. According to the company, it has about 13 million users across its mobile apps and browser extensions.
As of press time, Coinbase tokenized stock is trading at $176.66 on the FTX exchange. It has seen a 3.5% rise in the past 24 hours while Solana is currently exchanging hands for $89.47 after a 4.8% increase in 24 hours.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Consensys
Consensys is a venture production studio and custom software development consultancy building decentralized applications (DApps), enterprise solutions and developer tools for blockchain ecosystems, focused primarily on Ethereum..
Coinbase Wallet is a software product that gives you access to a wide spectrum of decentralized innovation – buy and store ERC-20 tokens, participate in airdrops and ICOs, collect rare digital art and other collectibles, browse decentralized apps (DApps), shop at stores that accept cryptocurrency, and send crypto to anyone around the world..
MetaMask is an extension for accessing Ethereum enabled distributed applications or “dApps” in your normal browser.