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Coinbase Lists Solana-Based Project Tokens for First Time

Coinbase on Monday began accepting inbound transfers of two Solana ecosystem tokens, FIDA and ORCA, confirming CoinDesk’s earlier reporting.

Announced in a tweet (per a new policy), the expansion adds SPL tokens (Solana’s ERC-20 equivalent) to Coinbase’s token menagerie for the first time. It previously stuck to layer 1 coins and tokens built atop the Ethereum blockchain.

Inbound transfers for Bonfida (FIDA) and Orca (ORCA) are now available on @Coinbase and @CoinbaseExch in the regions where trading is supported. Trading is not enabled at this time. Trading will begin on or after 9AM PT on Tuesday, February 1, if liquidity conditions are met. pic.twitter.com/0dtwx0CcgD

— Coinbase Assets (@CoinbaseAssets) January 31, 2022

Orca and Bonfida are decentralized exchanges for Solana-based assets, including wrapped tokens.

Already in the green for the day, ORCA rallied within minutes of Coinbase’s announcement before giving much of the gains back by press time. FIDA dropped.

Does “more tokens” mean less “Coinbase effect”? It could be a factor to consider as the publicly traded exchange executes CEO Brian Armstrong’s tweeted plans to list “every” asset where possible.

Read more: Coinbase Close to Listing Solana Ecosystem Tokens: Sources

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