Coinbase Wallet adds support for Solana And SPL Tokens 16

Coinbase Wallet adds support for Solana And SPL Tokens

  • Leading crypto exchange Coinbase is adding wallet support for Solana and SPL tokens
  • Users will also be able to import their crypto tokens (SOL) from their existing Phantom and Solflare wallets. 
  • The Coinbase team is also working towards adding support for Solana NFTs in near future. 

Leading crypto exchange Coinbase has added wallet support for Solana and SPL tokens. The said feature will be accessible to the users via the wallet browser extension enabling the users to manage and store their Solana and SPL tokens. 

Coinbase Announces Wallet Support For Solana

In a detailed blog post updated on March 17th, Coinbase has announced wallet support for Solana, adding that the exchange’s wallet users can now manage their Solana and Solana-based SPL tokens alongside other tokens held on all of the Coinbase wallet extensions. The blog adds that the firm’s decision to add support for Solana will enable the users to unlock “more of Web3” without having to manage multiple wallets.  

Coinbase cited increased user interest and the explosion of Web3 and Decentralized applications including DeFi and NFTs on Solana as the main reasons that propelled the firm to add wallet support for the emerging network. 

“Over the past year, there has been an explosion of interest in web3 and decentralized applications, including NFTs and decentralized finance (DeFi). One of the blockchain networks that has seen a surge in usage is Solana, which has built a vibrant community of both developers and users along the way.” The blog further reads. 

Prior to adding Solana, Coinbase Wallet offered seamless support to other blockchains notably Ethereum, Polygon, Avalanche, and BNB chain.

The blog highlights how Solana has recently emerged as one of the most cost and energy-efficient blockchains offering sustainable transactions. Coinbase later reiterated how Solana’s growing ecosystem which now has over $7.35B in total locked value (TLV) and more than 1,400 projects spanning DeFi, NFTs, and web3 has compelled the organization to extend its wallet support services to the network and assist Solana in gaining steady momentum. 

The Exchange further cited the philosophy of “fewer wallets, more crypto,” stating that the users can now store, send and receive Solana and all of its SPL tokens alongside all their EVM compatible assets via its Coinbase wallet extension. 

Users will also be able to import their Solana tokens from Phantom and Solflare wallets by putting the confidential recovery seed phrase into the Coinbase wallet extension. 

Moreover, Adam Zadikoff, Senior Product Manager of the firm further stated that the Coinbase ecosystem will be soon expanding its services by adding support for Solana NFTs in near future. 

“Today’s launch is just the beginning of Coinbase Wallet and the Solana ecosystem coming together. 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.”