Coinbase has announced that it's wallet now support Solana (SOL) as well as tokens that are based on the blockchain. This latest addition will prove to be useful for users who have Solana-based tokens but also own other assets such as Bitcoin, Dogecoin, Litecoin, and more.
The Coinbase Wallet support for Solana extends to those who are using Solana-based wallets but want to import them into Coinbase. Those who do not have Solana wallets will have one automatically created for them via the Coinbase Wallet extension.
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The cryptocurrency platform has likewise shared its plans regarding non-fungible token (NFT) and decentralized application (DApp) projects that are based on the Solana blockchain.
Coinbase Wallet Supports SOL, Solana-based Tokens
The Coinbase Wallet now has support for Solana and even tokens that are based on the blockchain. The official announcement has been made by the cryptocurrency platform.
According to a report by Cointelegraph, the cryptocurrency platform made the decision due to the "surging interest in Solana over the past 12 months as investors look for low-cost alternatives to Ethereum as a key reason behind adding support to the network."
Aside from Solana, the Coinbase Wallet also supports the following:
- Avalanche
- Bitcoin
- BNB Chain
- Dogecoin
- Ethereum
- Litecoin
- Polygon
- Ripple network
- Stellar Lumens
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What If You Do Not Have a Solana Wallet?
"Users of Solana-based wallets such as Phantom and Solflare can now import their existing wallets into the Coinbase Wallet via a desktop browser extension as well," the Cointelegraph report adds.
What happens then if you do not have a Solana wallet?
According to the official announcement posted on the Coinbase website, the Coinbase Wallet extension will automatically create one for those that do not own a Solana wallet just yet.
The announcement highlights the platform's Coinbase Pay, which was launched just recently. Coinbase Pay makes it easier to safely transfer SOL to the extension.
Coinbase also emphasizes that this latest development makes it possible for SOL and SPL tokens to be available on the platform's browser extension. This means that those who use the Coinbase Wallet via desktop or the mobile app can see these tokens only when they are using the extension.
The extension can be downloaded via the Chrome Web Store.
Support for NFTs and DApps
The cryptocurrency platform's plans regarding the Solana blockchain does not end there.
In fact, Coinbase is looking to add "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."
The Coinbase announcement highlights the fact that the Solana blockchain houses a number of NFT projects, including popular ones such as the Degenerate Apes collection.
All in all, the blockchain is home to more than 1,400. This number also includes web3 as well as DeFi projects.
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