Acknowledging the growing interest in Solana, Coinbase has added wallet support for SOL and its ecosystem for Solana tokens. Investors have turned to Solana as a low-cost alternative to Ethereum. The Solana network has built a vibrant community of developers and users.
The crypto exchange company has come up with wallet support for Solana just days after it launched Coinbase Pay. It enables users to fund their wallets directly through a web browser extension.
Coinbase, in an official blog post, said the supported networks in the wallet extension allow users to unlock more of Web3 without needing to manage multiple wallets. With the wallet, users can easily keep track of their crypto across an ever-growing range of supported networks. Coinbase has plans to further integrate with the Solana ecosystem. Users would be able to connect to Solana DApps, view and manage their Solana NFTs directly into the Coinbase Wallet extension.
Solana is considered one of the fastest-growing blockchains over the past year. It has over $7.35 billion in total value locked (TVL). Solana has launched over 1,400 projects, including DeFi, Web3, and non-fungible tokens. It has a number of NFT projects, such as the Degenerate Apes collection, in its kitty.
Before Coinbase came up with wallet support for Solana, users had to create another crypto wallet to manage an additional app or browser extension. Users were burdened to keep track of their assets on multiple surfaces. But with Coinbase’s wallet extension, users can store, send and receive SOL and its SPL tokens with all their EVM-compatible assets.
Users with Phantom or Solfare wallets can easily and quickly import their Solana self-custody wallet into the new Coinbase Wallet.
