- Coinbase adds support for Solana and looks to further integrate with the Solana network.
- Coinbase cited the surge in investor interest in Solana as the main reason for the update.
- The expanded wallet support follows shortly after the launch of Coinbase Pay.
One of the crypto industry’s earliest and biggest custodian wallet providers has added support for Solana.
Coinbase has added support for Solana (SOL) and Solana-based tokens. It has also outlined that it will explore adding support for NFTs and decentralized applications (DApps) on the blockchain in the near future as well.
Coinbase posted the news in a blog post on Friday, and also mentioned its plans to “further integrate” with Solana. This integration will see the Coinbase wallet connect with DApps and non-fungible tokens (NFTs) that are hosted on the Solana network.
Coinbase cited that one of the main reasons behind adding support for the Solana network is the surge in investor interest in Solana over the last year, as investors look for cheaper alternatives to Ethereum.
The expanded wallet support follows shortly after the launch of Coinbase Pay, which enables users to import their existing Solana-based wallets, such as Solflare and Phantom, into the Coinbase Wallet using a desktop browser extension.
According to data from DeFiLlama, Solana is currently ranked fifth in terms of total value locked (TVL) in decentralized finance (DeFi) protocols with approximately $6.94 billion locked in the network. Also, according to the NFT data aggregator CryptoSlam, Solana is ranked second highest for secondary sales volume in the last month with $156.28 million in sales.
Following the added support for Solana, the Coinbase Wallet now supports Polygon, Ethereum, Avalanche, Bitcoin, Binance Chain, Dogecoin, Stellar Lumens, Litecoin, and the Ripple Network.
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