Coinbase Launches Crypto Wallet Support for Solana (SOL)

Coinbase, the largest US-based crypto exchange, has added support for Solana (SOL) on its Coinbase Wallet browser extension. This implies that Coinbase Wallet users can now store, send, and receive Solana (SOL) and Solana-based tokens from the wallet’s browser extension.

Solana has now joined a number of cryptocurrencies earlier supported by the Coinbase Wallet extension, including Ethereum (ETH), Polygon (MATIC), Avalanche, BNB Chain, among others.

Read Also: Paradox Studios Founder Says Solana Will Beat Ethereum in Web3 Gaming This Year, Shares Reasons

Although Coinbase Wallet now supports SOL and SPL tokens, users are still not allowed to manage Solana non-fungible tokens (NFTs) directly with the wallet.

It’s also worth noting that Solana tokens won’t be shown on the Coinbase Wallet mobile application. However, a Coinbase spokesperson told The Block that Coinbase Wallet looks to add Solana support for its mobile apps, but it currently has no specific timeline.

Coinbase Wallet also plans to let users interact with the Solana ecosystem in the future, including connecting to Solana decentralized applications and viewing and managing their Solana NFTs directly within the wallet extension.

Users can now transfer their tokens from an existing Solana wallet to a Coinbase wallet by inputting their confidential recovery phrase into the Coinbase wallet browser extension on setup.

Read Also: Morgan Stanley: Ethereum May Lose Market Share to Cheaper Competitors Such As Solana, Cardano, Polkadot

According to Coinbase senior product manager Adam Zadikoff in a release, “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.”

Coinbase Wallet is multi-chain, which means it supports several blockchains. It has over 13 million users across its mobile applications and Chrome browser extension. The wallet is MetaMask’s direct competitor.

---

Follow us on Twitter, Facebook, Telegram, and Google News