Coinbase Exchange Launched Wallet Support For Solana: Report

The Coinbase exchange launched wallet support for Solana, adding the blockchain to its list of supported blockchains for wallet browser extensions as we are reading more in today’s latest Coinbase news.

The Coinbase exchange launched wallet support for Solana today on the Wallet browser extension and the wallet will allow users to manage their SOL and SPL tokens using the extension. Before adding Solana, the Coinbase Wallet extension supported Ethereum, Avalanche, Polygon, and the BNB Chain among others. By adding Solana support, the Coinbase exchange positioned its wallet as a competitor to leading wallets Phantom and Solflare.

While the wallet now offers support for SPL and SOL tokens it doesn’t yet allow users to manage the Solana NFTs within the wallet. It is worth noting that Solana tokens will be visible via the Coinbase wallet browser extension during the launch with the wallet mobile app will not show them. The users can move their tokens from the existing Solana wallet to a Coinbase wallet by inputting the confidential recovery phase in the wallet browser extension on setup. The senior product manager Adam Zadikoff at coinbase said:

“In the coming months, we’ll 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.”

For most crypto users, having multiple wallets for different blockchains can feel like quite a confusing experience, and to address this, the wallet providers sought to consolidate and support various blockchains and the native coins. Popular wallets like Metamask and Ethereum support Polygon, Fantom, and Avalanche but it does not support Solana since the network is, not Ethereum Virtual Machine compatible.

Squads announced the mainnet launch at the Solana hacker house event in Moscow and anticiapted a rollout paired with the announcement of a $5 million strategic funding round. Multicoin Capital led the round and others took part as well like Delphi Digital, Jump Capital, Collab+, Volt Capital, and others. Squads is actually a collaborative infrastructure for Web3 native teams as the co-founder Stepan Simik explained. Squads’ feature set runs on a distributed team like a multi-signature wallet that requires multiple validations to confirm the transactions and a vault for managing the team funds. Squads also fill many critical needs for DAOs on Solana in one protocol and enable decentralized collaboration while keeping up with the transparency.