One of the most popular cryptocurrency exchange platforms is Coinbase. It is estimated to list Solana-based tokens on its network soon.
According to sources from Coindesk, the crypto exchange wants to accept transfers of Solana Program Library stable coins or SPL coins. This was Solana’s response to ERC-20 from Ethereum. USDC, which is based in Solana and has a floating stock of 4.8 billion dollars, is one of many assets that will be maintained. According to insiders, the functionalities might be available soon. The firm has not yet made any public announcement regarding this.
The addition of Solana coins to Coinbase’s asset onboarding approach appears to be a significant step forward. According to an examination of its holdings, it has exclusively included ETH-based currencies and major Layer 1 ledger holdings like cosmos (ATOM) and algorand (ALGO).
The broad objective of Brian Armstrong, the CEO of Coinbase, is to “register any currency wherever it is lawful to use it.” He posted in this in 2021. But this has progressively required moving outside the Etherverse.
However, with regard to market capitalization, Solana’s ecosystem of decentralized financial (DeFi) currencies remains very modest. It is used for staking algorithms, exchanges, and other purposes.
As per Coinbase statistics, ETH-based assets like Chainlink (LINK) and Shiba Inu (SHIB) have floating market valuations approaching 10 billion dollars, and serum (SRM) has a net worth of 281 million dollars.
It is neither instantly apparent which countries will be the earliest to have exchanges nor what specific Solana coins will be offered by Coinbase.