Coinbase began accepting incoming transfers of two Solana ecosystem tokens, FIDA and ORCA, on Monday, confirming earlier reports from CoinDesk.
Announced in a tweet (in line with a new policy), the expansion adds SPL tokens (the ERC-20 equivalent of Solana) to Coinbase's token collection for the first time. It previously adhered to Layer 1 coins and tokens built on top of the Ethereum blockchain.
Incoming transfers for Bonfida (FIDA) and Orca (ORCA) are now available on @Coinbase and @CoinbaseExch in regions where trading is supported. Trading is not enabled at this time. Trading will begin at 9:00 am from Tuesday, February 1, if liquidity conditions are met. pic.twitter.com/0dtwx0CcgD
— Coinbase Assets (@CoinbaseAssets) January 31, 2022Orca 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 back much of it at press time; IFAD has fallen.
Does "More Tokens" Mean Less "Coinbase Effect"? This could be a consideration as the publicly traded exchange executes CEO Brian Armstrong's tweeted plans to list "all" assets where possible.
Read More: Coinbase Close To Listing Solana Ecosystem Tokens: Sources