Coinbase Wallet on Thursday announced support for Solana tokens, a move that sees the self-custody wallet added non-Ethereum-compatible digital assets for the first time.
Coinbase’s move means Solana users can now use the wallet to receive, send and store tokens. This will apply to the SOL token as well as those in the Solana Program Library (SPL) tokens standard ecosystem.
The addition of Solana-based crypto assets follows Coinbase’s announcement that the wallet was now accessible for various tokens via its browser extension.
But while users can now use the browser extension to interact with SOL and SPL tokens, there’s no support for them in the Coinbase Wallet app yet.
Today Coinbase Wallet added support for Solana project tokens, with dapp connections and NFTs coming soon 🏗️ https://t.co/y5kePMdzUa
— Solana (@solana) March 17, 2022
According to Solana, decentralised application (dApp) support will soon be enabled. Once that is available, users will be able to trade and interact with Solana non-fungible tokens (NFTs) and decentralized finance (DeFi).
Coinbase Wallet until this update only supported Ethereum Virtual Machine (EVM) compatible tokens. Popular markets to get the initial support have been Polygon (MATIC), BNB Chain and Avalanche (AVAX).
Coinbase’s self-custody wallet will now rival popular Solana wallets, including Phantom and Solflare. Adding support for other tokens to the browser extension and a future rollout of app usage could also see the wallet rival the popular Ethereum wallet MetaMask.