Coinbase has enabled wallet support for SOL and Solana-based coins, and has said that it plans to support NFTs and DApps on the network in the future.

Coinbase, a leading cryptocurrency exchange in the United States, has enabled wallet support for Solana (SOL) and its ecosystem of Solana coins (SPL).

Coinbase noted increased interest in Solana over the last year as a main reason for expanding support to the network as investors seek low-cost alternatives to Ethereum.

The increased wallet functionality comes only a few days after Coinbase Pay, which allows customers to fund their wallets directly using a web browser plugin.

In a blog post announcing the move on Friday, the company also hinted at intentions to “further integrate” with Solana by linking the Coinbase Wallet to decentralized apps (DApps) and nonfungible tokens (NFTs) housed on the network, which is notably supported by FTX CEO Sam Bankman-Fried.

Users of Solana-based wallets like Phantom and Solflare may now integrate their previous wallets into the Coinbase Wallet via a desktop browser extension.

The Coinbase Wallet now supports Ethereum, Avalanche, Polygon, BNB Chain, Bitcoin (BTC), Dogecoin (DOGE), Litecoin (LTC), Stellar Lumens, and the Ripple network, in addition to the Solana network. According to Coinbase:

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

According to DefiLlama statistics, the Solana blockchain is presently ranked fifth in terms of total value locked (TVL) among DeFi protocols, with $6.94 billion. Last month, NFT data aggregator CryptoSlam listed it as the second-highest blockchain in terms of secondary sales volume, with $156.28 million.

See also  Solana (SOL) Pay: What is it and how does it work?

SOL’s price has dropped 18 percent in the last 30 days, to $85.90 at the time of writing, mirroring the rest of the crypto market’s poor performance this year. In the medium term, Rakesh Upadhyay of Cointelegraph has indicated a bullish objective of $122 for SOL if the price breaks over the 20-day moving average of $86, or a bearish target of $66 if the market fails to sustain and maintain above that level.

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