Coinbase Wallet Unveils Support for Solana Tokens

Support for Solana has been introduced to the Coinbase Wallet Chrome extension, a self-custody wallet provided by Coinbase.

Support for Solana Added

Tokens for the Solana ecosystem were added to Coinbase’s self-custody crypto wallet on March 17, broadening its coverage area to compete with MetaMask.

Solana Program Library (SPL) tokens – Solana’s equivalent to Ethereum’s ERC-20 tokens – are now available on Coinbase Wallet as the first non-Ethereum-compatible crypto asset. In the past, the browser extension and app were only compatible with Ethereum Virtual Machine networks like Polygon and BNB Chain, and Avalanche.

Solana’s contribution primarily validates this blockchain’s ecosystem of token-linked lending, trade, governance, and stablecoin initiatives for deposit. It follows Coinbase’s recent trading introduction for two such projects: Bonfida and Orca.

Coinbase Wallet integration into Solana dapps is also expected to be added in the near term.

“You can store, send, and receive Solana tokens now. Dapp connections, trading, and NFTs are coming soon,” a banner within the app said Thursday.

Because SPL support was announced prior to dapp compatibility, Coinbase Wallet has limited functionality within the Solana ecosystem — whether for trading decentralized finance (DeFi) or purchasing NFTs. Similar features may be found in competing Solana wallets such as Phantom and Solflare that allow users to stake coins within the app.  Coinbase Wallet, the crypto exchange’s self-custody wallet, has updated its Chrome browser extension to include support for Solana.

Coinbase’s Latest Tool Coinbase Pay

Cryptocurrency exchange Coinbase is launching a new tool called Coinbase Pay that is designed to streamline the process of adding cryptocurrency to a user’s wallet.

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