2 years ago
Coinbase is readying its trading rails for Solana ecosystem tokens, 4 sources acquainted with the plans told CoinDesk.
The U.S.-based crypto speech plans to let withdrawals of SPL, oregon “Solana Program Library,” tokens – Solana’s reply to Ethereum’s ERC-20 – the sources said. One idiosyncratic added that Solana-native USDC, with its $4.8 billion successful circulating supply, would beryllium among the supported assets.
Sources said the features could travel online successful the adjacent future. Coinbase declined to comment.
Listing SPL tokens would look to people a large improvement successful Coinbase’s token onboarding strategy. Up to now, it has lone listed Ethereum-based coins and flagship Layer 1 assets specified arsenic Algorand (ALGO) and Cosmos (ATOM), a reappraisal of its listings found.
Coinbase CEO Brian Armstrong’s sweeping extremity – “list *every* plus wherever it is ineligible to bash so,” he tweeted successful June 2021 – progressively necessitates stepping beyond the Etherverse.
That said, Solana’s scenery of decentralized concern (DeFi) coins – for exchanges, staking protocols and much – is inactive comparatively tiny successful presumption of marketplace value.
While Ethereum-based tokens similar Shiba Inu (SHIB) and Chainlink (LINK) bid circulating marketplace capitalizations adjacent $10 billion, the biggest SPL token by the aforesaid metric is Serum (SRM) astatine $281 million, according to Coinbase data.
It was not instantly wide which regions the trading would archetypal travel online, oregon which SPL tokens Coinbase plans to commencement with.
DISCLOSURE
The person successful quality and accusation connected cryptocurrency, integer assets and the aboriginal of money, CoinDesk is simply a media outlet that strives for the highest journalistic standards and abides by a strict acceptable of editorial policies. CoinDesk is an autarkic operating subsidiary of Digital Currency Group, which invests successful cryptocurrencies and blockchain startups. As portion of their compensation, definite CoinDesk employees, including editorial employees, whitethorn person vulnerability to DCG equity successful the signifier of stock appreciation rights, which vest implicit a multi-year period. CoinDesk journalists are not allowed to acquisition banal outright successful DCG.
Danny is CoinDesk's lawman concern editor. He owns BTC, ETH and SOL.
Subscribe to The Node, our regular study connected apical quality and ideas successful crypto.
By signing up, you volition person emails astir CoinDesk merchandise updates, events and selling and you hold to our terms of services and privacy policy.
English (US) 