Coinbase has outlined it will look to support NFTs and DApps on the blockchain in the future too. The platform stated Coinbase Pay will now allow Web3 and NFT opportunities for customers.
Leading U.S-based cryptocurrency exchange Coinbase has announced adding wallet support for Solana (SOL), including its ecosystem for Solana tokens. The exchange cited increased interest in Solana over the past year as investors look for low-cost alternatives to Ethereum as a critical reason behind adding support to the network.
According to the company’s blog post, the San Francisco-based crypto exchange announced that users can now use the new feature to fund their non-custodial Coinbase Wallet more easily than before. The expanded wallet support comes just a few days after the firm launched Coinbase Pay, enabling users to fund their wallets directly via a web browser extension. Adam Zadikoff, Senior Product Manager at Coinbase, pointed out:
“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.”
Users can now store, send and receive Solana (SOL) and Solana-based tokens
The news means Coinbase Wallet users can now store, send and receive Solana (SOL) and Solana-based tokens 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 such as Phantom and Solflare can now import their existing wallets into the Coinbase Wallet via a desktop browser extension. As a result of the new development, the Coinbase Wallet now supports Ethereum, Avalanche, Polygon, BNB Chain, Bitcoin, Dogecoin Litecoin, Stellar Lumens, and the Ripple network. Coinbase stated:
“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 over the past year has been Solana.”
The wallet has more than 13 million users across its mobile applications
Coinbase Wallet, which directly competes with wallets such as Metamask, is a multi-chain, supporting several blockchains, including Ethereum, Avalanche, Polygon, and BNB Chain. The wallet has more than 13 million users across its mobile applications 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 are continuing to build new features into Coinbase Wallet to make it the most user-friendly and accessible self-custody wallet globally, making it easier for more users to enter the world of Web3. We will also continue to expand Coinbase Pay to bring the benefits of seamless fiat onramp to the crypto ecosystem.”
A partnership with Mastercard to promote NFT growth and adoption
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 partnership with Mastercard to promote NFT growth and adoption. 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:
“Thanks to our work with Mastercard, we’ll be able to provide a better customer experience on Coinbase NFT. We plan to work to find ways to bring this opportunity to the broader ecosystem through MasterCard’s scale and global network.”
Tom is a freelance writer with over 10-years’ experience in content creation, blog writing, and SEO specializing in the blockchain and cryptocurrency niche. As a philosophical figurehead, he believes that to make our world a better place, we must invest in incorruptible products and procedures, of which Bitcoin and other cryptocurrencies are leading examples.