Coinbase Wallet Adds Support for Solana as it Dives Deeper into Web3

Coinbase wallet will now support holding SOL and Ethereum-based ERC20 tokens in the same platform. This move is an attempt to provide new investor options with their experience of Coinbase, a user download of which has been available for some time.

The “Coinbase Wallet Adds Support for Solana as it Dives Deeper into Web3” is a blog post that discusses Coinbase’s recent decision to support the Ethereum-based project, Solana.

Coinbase has said that in the future, it plans to offer NFTs and DApps on the blockchain. Customers will now be able to use Coinbase Pay for Web3 and NFT transactions, according to the platform.

Coinbase, a leading cryptocurrency exchange located in the United States, has announced the addition of wallet support for Solana (SOL), as well as its ecosystem for Solana tokens. Increased interest in Solana over the last year, as investors seek low-cost alternatives to Ethereum, was noted by the exchange as a key rationale for providing support to the network.

The San Francisco-based cryptocurrency exchange stated in a blog post that customers may now utilize the new functionality to fund their non-custodial Coinbase Wallet more simply than previously. Coinbase Pay, which allows users to fill their wallets directly using a web browser extension, was introduced only a few days ago, and the increased wallet support comes just a few days after the company debuted Coinbase Pay. Coinbase’s Senior Product Manager, Adam Zadikoff, stated:

“We aim to enable millions of individuals to engage in the fascinating world of DApps and the broader crypto ecosystem in a seamless manner.” Solana makes the world of crypto accessible to even more individuals with to its cheap fees and quick transaction times, and it’s a perfect introduction to web3.”

Solana (SOL) and Solana-based tokens may now be stored, sent, and received.

The news means Coinbase Wallet Solana (SOL) and Solana-based tokens may now be stored, sent, and received. from the wallet’s browser extension. Coinbase Wallet looks to add Solana support for its mobile applications, but it currently doesn’t have a specific timeline.

Users of Solana-based wallets like Phantom and Solflare may now use a desktop browser extension to migrate their previous wallets into the Coinbase Wallet. The Coinbase Wallet now supports Ethereum, Avalanche, Polygon, BNB Chain, Bitcoin, Dogecoin, Litecoin, Stellar Lumens, and the Ripple network as a consequence of the latest enhancement. According to Coinbase,

“Many consumers have been searching for networks that are scale-optimized, with cheap transaction costs and quick response times. Solana has been one of the fastest-growing blockchains in the last year.”

More than 13 million people have downloaded the wallet’s mobile apps.

Coinbase Wallet, which directly competes with wallets such as Metamask, is a multi-chain, supporting several blockchains, including Ethereum, Avalanche, Polygon, and BNB Chain. More than 13 million people have downloaded the wallet’s mobile apps. and Chrome browser extension. To use the product, new customers of Coinbase Wallet first need to link their self-custody wallet to their Coinbase account. The exchange explained:

“We’re always adding new features to Coinbase Wallet in order to make it the most user-friendly and accessible self-custody wallet on the planet, making it easy for more people to join the Web3 world.” We’ll also keep expanding Coinbase Pay to provide the crypto ecosystem the advantages of a frictionless fiat onramp.”

A collaboration with Mastercard to boost NFT usage and growth

Coinbase reiterated that its focus would be the “social function,” whose aim was to improve the interaction between artists and users. Before the latest development, the exchange recently announced A collaboration with Mastercard to boost NFT usage and growth. The exchange raised hopes that the initiative would unlock new opportunities for customers to purchase digital collectibles using their Mastercard cards in the near future and stated:

“We’ll be able to deliver a better client experience on Coinbase NFT thanks to our partnership with Mastercard.” We want to use MasterCard’s breadth and worldwide network to develop methods to bring this possibility to the larger ecosystem.”

Coinbase Wallet Adds Support for Solana as it Dives Deeper into Web3. Coinbase is one of the most popular cryptocurrency wallets in the world, and now they have added support for Solana, a blockchain that aims to provide an alternative to Ethereum. Reference: what wallets does coinbase support.