Solana joins list of networks supported by Coinbase wallet

Leading US-based crypto exchange, Coinbase has added support for Solana to its self custody wallet. This means that Coinbase wallet will now be able to support Solana tokens, including SOL and all other SPL tokens supported by the network.

However, this support is currently available only for the browser extension of Coinbase Wallet. The exchange intends to add support to its mobile wallet later on.

But there’s no timeline for when this will happen. This is the first time the wallet will add support for a network not based on Ethereum Virtual Machine (EVM).

Coinbase, through its new wallet, has been working on eating into the market dominance of ConsenSys-backed MetaMask wallet for a while now. This new development would help its effort in that direction. Its wallet could also affect the dominance of Phantom (a leading Solana-based wallet).

Notably, this is coming only a few months after the Brian Armstrong-led exchange opened trading for two DeFi projects on Solana; Orca, and Bonafide.

No NFT support yet

Adam Zadikoff Coinbase senior product manager said that the exchange was will be “adding 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.”

It should be noted that Coinbase does not currently allow users to interact with Solana Dapps via the wallet —a banner within the app states that these features are coming soon. This corroborates the statement made by its executive.

Presently, the SPL token compatibility has limited use and other Solana wallets such as Solfare and Phantom already have these features plus they even allow users to stake directly using the app.

Coinbase wallet already supports Ethereum, Polygon, BNB Chain, and Avalanche blockchain tokens. According to the company, it has about 13 million users across its mobile apps and browser extensions.

As of press time, Coinbase tokenized stock is trading at $176.66 on the FTX exchange. It has seen a 3.5% rise in the past 24 hours while Solana is currently exchanging hands for $89.47 after a 4.8% increase in 24 hours.