US Crypto Exchange Coinbase Pro to Launch Support For Solana’s SOL Token; Trading Opens Monday
US largest crypto exchange Coinbase is looking to beef up its crypto offering for customers. The latest addition is the four-year-old blockchain platform Solana (SOL).
SOL Trades Begin Monday
In a May 20 blog post, Coinbase said it would be accepting deposits for the native token of the Solana network SOL starting Thursday on Coinbase Pro. They further asserted that customers would only trade SOL in supported jurisdictions, indirectly cutting out crypto-hostile regions in the US like New York starting next week.
Coinbase notes that customers can make SOL deposits in anticipation of trading on Monday, May 24. Coinbase Pro, a platform for professional and experienced traders, will first support the new digital asset before passing it along to the user-friendly Coinbase mobile app.
Solana, which hosts over 47 decentralized applications (or “DApps”) and has 608 validators to help secure the Solana network, is a blockchain network that allows creators and developers to build dapps on the blockchain ecosystem.
Solana combines an innovative proof-of-history (PoH) timing mechanism and the more popular proof-of-stake (PoS) protocol to ensure censorship resistance and process transactions faster and at a fraction of the cost developers pay on the Ethereum network.
Its standard throughput of transactions per second (TPS) is 50,000 TPS without using layer two systems or sharding.
Solana’s recent support by Coinbase Pro is the third of such US adoption by a crypto exchange, as it is also available on FTX.us and Binance.us as well as Serum and Raydium DEX.
The blockchain platform also has significant support from notable investors like 500 Accelerator, Block change Ventures, BlockTower Capital, Distributed Global, and CoinList.
SOL Token Rallying
The SOL token has been bucking the downward trend of the crypto market and surged from a $42 opening day trade on May 16 to $58.16 on Wednesday, reflecting a 12% increase.
It has since slumped with the wider crypto market following a regulatory clampdown by the Treasury Department.
Following the announcement of Coinbase Pro support, the SOL token experienced a positive price action surging to $47.17 before self-correcting to $42.98 in the 24hr trading chart.
Also, the US Treasury Department said that it would employ stiffer measures in checking tax evasion through cryptocurrencies, and transactions from $10,000 and above will need to be logged with the Internal Revenue Service.
These market reports have seen over $750 billion worth of crypto funds drained out of the market. But for Solana's SOL token, and its ecosystem at large, things are looking positive.