Wednesday, October 5, 2022

Coinbase Expands Wallet Reach as it Declares Support for Solana

America’s cryptocurrency exchange Coinbase has declared its support for the Solana network on its Coinbase Wallet browser extension. The new addition of Solana will afford owners of a coinbase wallet the privilege of accessing a more comprehensive range of web3 products without having to switch wallets while enjoying low charges and faster transaction times.

Before the inclusion of Solana, the Coinbase wallet supports Ethereum (ETH), Avalanche (AVAX), Polygon (MATIC), and Binance Smart Chain (BSC) amongst others. It has over 13 million users using its mobile applications and chrome browser extension. Although Coinbase wallet now supports Solana tokens, users can only have access to it through the browser extension as it won’t be visible in the app.

The multi-chain wallet also has plans to integrate the Solana NFTs and the ability to connect the Coinbase wallet to Solana decentralized applications(Dapps) to relate comprehensively with the Solana network according to senior product manager at Coinbase Adam Zadikoffi. However, there is no timeline defined for that at the moment.

Owners of Solana-powered wallets like Phantom and Solflare can also now incorporate their wallets into the Coinbase wallet. This can be done by providing the user’s personal recovery phrase upon request.

In recent years, the increase in interest and usage of blockchain networks has birthed new projects and communities, leaving users with high network fees and long transaction processing times to deal with. Users have therefore been looking for ways to optimize the system.

Solana is a decentralized blockchain built to enable scalable, user-friendly apps for the world. It is also one of the fastest blockchains in the world and amongst the fastest-growing ecosystem in crypto with thousands of projects spanning Decentralized Finance (DeFi), Non-fungible Token NFTs, Web3 amongst others. The Solana protocol remains open for applications to run freely, hence there is no stoppage of transactions. Its native cryptocurrency is SOL and like the various other blockchains, Solana can run smart contracts.

Coinbase’s inclusion of Solana comes days after it announced a new feature dubbed Coinbase pay, with which users can fund their wallets with the use of chrome browser extension. With tons of users on board, Solana has achieved economies of scale and has kept the application fees very low, one of the moves that account for why Coinbase decided to integrate Solana.

Joyce Onose
A Blockchain enthusiast and growing writer in the space with an understanding of the importance in creating quality content for readers in the industry. Also, keen on using her skills in improving Blockchain journalism.

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