Coinbase Now Lets Wallet Users Trade 50,000+ Solana Tokens

American crypto exchange Coinbase has just announced an integration with the layer-1 blockchain Solana to offer over 50,000 tokens on the Coinbase Wallet. The announcement added that the integration is live. Following the announcement, SOL saw a slight price increase.

Trade 50,000+ tokens on Solana.

With our Solana DEX integration, now you can trade @solana tokens on Coinbase Wallet. pic.twitter.com/WBLfmxMXVf

— Coinbase Wallet 🛡️ (@CoinbaseWallet) April 16, 2024

Coinbase Embraces Solana-Based Tokens

An official announcement explained that users can access these tokens by “pasting the contract address into the swap flow.” Coinbase Wallet promises a streamlined trading experience for users through live price charts, adjustable slippage, and fee support.

With thousands of Solana-based tokens entering the Coinbase Wallet, millions of users will likely benefit from the latest initiative. It will imply more engagement with these tokens, possibly pushing their values to incredible heights. It will also have a ripple effect on SOL’s value. On the other hand, Coinbase Wallet will likely see more users onboard its ecosystem, increasing its user base.

It is worth noting the contrast between Coinbase and Coinbase Wallet. While Coinbase Wallet is a non-custodial wallet that enables users to access decentralized applications, Coinbase is a custodial exchange where users buy and sell cryptocurrencies. Crypto assets undergo an assessment phase before getting listed on the latter platform.

SOL Sees Mild Price Increase

Interestingly, SOL’s value saw a mild 3% price uptrend an hour after the announcement. The coin currently trades at $137, representing a 21% drop within the past seven days.

The asset’s recent lows were exacerbated by the prolonged network congestion seen within the Solana mainnet. The traffic was fueled by a rapid increase in bot transactions and users’ demand. The blockchain developer team deployed a fix to the issue earlier this week.