Coinbase adds Solana network to its wallet

Cryptocurrency exchange Coinbase has announced its support for the Solana (SOL) blockchain on its Coinbase Wallet browser extension.

Solana and Solana-based (SPL) tokens can now be managed via Coinbase users.

Integration into the wallet enables user access to a variety of Web 3.0 applications without the hassle of swapping wallets.

Before adding Solana to its Coinbase Wallet extension, the exchange supported Polygon, Avalanche, Ethereum, the BNB Chain and more.

By adding Solana support, Coinbase goes head-to-head with competing leading Solana wallets Phantom and Soflare.

Although the Coinbase wallet offers such support for SOL and SPL tokens, direct management of Solana NFTs is not available within the wallet as it does not support Solana based NFTs.

Solana tokens are visible via the Coinbase Waller browser extension only and will not be visible on the Coinbase mobile app.By inputting a confidential recovery phrase into a Coinbase wallet browser extension on primary setup, users will be able to move tokens from an existing Solana wallet to a Coinbase one.

Coinbase senior product manager Adam Zadikoff said: “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.”

Obtaining several wallets for several blockchains can often be seen as counterproductive for some cryptocurrency users. Metamask, Ethereum’s wallet, supports the likes of Avalanche, Fantom and Polygon, but not Solana due to the network not being Ethereum Virtual Machine (EVM) compatible.

It seems that wallet providers have begun considering consolidating and supporting a range of blockchains to increase efficiency in the exchange networks, however not all support Solana.

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Source

Updated: 03/18/2022 — 09:00