Coinbase Wallet Adds Support For Solana Network

Coinbase wallet adds support for Solana, as it also aims to support NFTs and dApps on the blockchain in the future.

Coinbase wallet, the digital wallet for the leading cryptocurrency exchange in the United States, will now give wallet support to Solana (SOL) and its ecosystem of Solana coins.

Coinbase claimed a surge in interest in Solana over the last 12 months as the main reason for providing support to the network as investors seek low-cost alternatives to Ethereum.

Coinbase Pay, which allows users to fund their wallets directly using a web browser extension, was introduced just a few days ago, and the increased wallet support comes just a few days after the company debuted Coinbase Pay.

The firm also loosely outlined plans to “further integrate” with Solana by connecting the Coinbase Wallet with decentralized applications (dApps) and non-fungible tokens (NFTs) hosted on the network, which is famously championed by FTX CEO Sam Bankman-Fried, in a March 18 blog post announcing the move.

Users of Solana-based wallets like Phantom and Solflare can now import their wallets into the Coinbase Wallet using a desktop browser extension.

The Coinbase Wallet now supports Ethereum, Avalanche, Polygon, BNB Chain, Bitcoin, Dogecoin, Litecoin, Stellar Lumens, and the Ripple network, thanks to the integration of the Solana network. According to Coinbase:

“Many users have been looking for networks that are optimized for scale, offering low-cost transactions and fast transaction times. One of the fastest-growing blockchains over the past year has been Solana.”

The Solana blockchain is now rated sixth in terms of total value locked (TVL) among decentralized finance (DeFi) protocols, according to data from Defi Llama, with $6.94 billion. Last month, CryptoSlam, an NFT data aggregator, ranked it as the second-highest blockchain for secondary sales volume, with $156.28 million.

SOL’s price has dropped 18 percent in the last 30 days to $85.90 at the time of writing, mirroring the remainder of the crypto market’s poor performance this year.