Coinbase Wallet Releases Update To Support Solana Ecosystem

Coinbase's wallet browser extension now supports Solana and SPL tokens, and this latest update brings in Solana's expanding ecosystem to a broader audience.

With Coinbase's announcement of its integration with Solana, users of its platform will gain access to a wide range of blockchains and networks utilizing Solana's highly scalable ecosystem. With the update, Coinbase users may now manage their Solana (SOL) and and SPL (Solana Program Library) tokens, with extensive support for interacting and connecting with decentralized applications across the Solana ecosystem.

The latter feature of integration with Solana dApps will be released later on, while the management and custody of SOL and SPL tokens will be live. Coinbase says that it will also be adding the feature for users to directly view and manage their Solana NFTs from within the Coinbase Wallet extension.

Currently, Coinbase Wallet, through its desktop browser extension build, supports Ethereum, Avalanche, Polygon, and BNB Chain, among others.

"Over the past year, there has been an explosion of interest in web3 and decentralized applications, including NFTs and decentralized finance (DeFi). One of the blockchain networks that has seen a surge in usage is Solana, which has built a vibrant community of both developers and users along the way." shares Adam Zadikoff, Senior Product Manager at Coinbase.

Coinbase acknowledges that while Solana's rapid expansion has led to "exciting new projects, ecosystems, and communities," this came at the cost of scaling issues that led to high network fees and longer transaction processing durations compared to what Solana could theoretically handle. Solana, which now has over $7.3 billion in total value locked (TVL) and 1,400 projects across its ecosystem, shows up as a viable platform to partner with, according to Coinbase.

"We want to empower millions of people to seamlessly participate in the exciting world of dapps and the larger crypto ecosystem. With its low fees and fast transaction times, Solana makes the world of crypto accessible to even more people and is a great introduction to web3," Coinbase said.

Users who wanted to explore the Solana ecosystem or hold SOL and SPL tokens previously had to create yet another crypto wallet, handle another app or browser extension, and maintain track of their assets across multiple surfaces. The new update brings about a more seamless integration of these features, providing users with a bridge to all of their EVM-compatible (Ethereum Virtual Machine) assets using Coinbase' own platform.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.