America’s Largest Cryptocurrency Exchange Coinbase has added wallet support for Solana (SOL) and its Solana (SPL) token ecosystem.
Coinbase cited growing interest in Solana over the past 12 months -such as investors looking for low-cost alternatives to Ethereum- as a key reason to add support to the network.
Expanded wallet support comes just days after the company launched Coinbase Paywhich allows users to fund their wallets directly through a web browser extension.
In a March 18 blog post announcing the move, the company also vaguely outlined its plans to “further integrate” with Solana by connecting Coinbase Wallet with decentralized applications (dApps) and network-hosted NFTs.which is famous for being praised by FTX CEO Sam Bankman-Fried.
Users of Solana-based wallets such as Phantom and Solflare can now import their existing wallets into Coinbase Wallet through a desktop browser extension as well.
After the incorporation of the Solana network, Coinbase Wallet now supports Ethereum, Avalanche, Polygon, BNB Chain, Bitcoin, Dogecoin Litecoin, Stellar Lumens, and the Ripple network. Coinbase said:
“Many users have been looking for networks that are optimized for scale, offering low-cost transactions and fast transaction times. One of the fastest growing blockchains in the last year has been Solana.”
According to data from Defi Llama, the Solana blockchain currently ranks fifth in terms of total value locked (TVL) in decentralized finance (DeFi) protocols, at $6.94 billion. NFT data aggregator CryptoSlam ranked it as the second highest blockchain in terms of secondary sales volume last month, at $156.28 million.
Like most of the cryptocurrency market, which has been a torrid performer this year, the price of SOL is down 18% in the last 30 days to stand at $85.90. at the time of writing this article. In the short term Rakesh Upadhyay of Cointelegraph has identified a $122 upside target for SOL if the price breaks above the 20-day moving average of $86, or the downside of $66 if the market fails to hold above that. zone.
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