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Coinbase Lists Solana-Based Project Tokens for First Time

Coinbase Lists Solana-Based Project Tokens for First Time

Coinbase Lists Solana-Based Project Tokens for First Time

The listing of non-Ethereum ORCA and FIDA confirms a CoinDesk scoop.

The listing of non-Ethereum ORCA and FIDA confirms a CoinDesk scoop.

The listing of non-Ethereum ORCA and FIDA confirms a CoinDesk scoop.

By Danny Nelson
AccessTimeIconJan 31, 2022, 9:01 PM
Updated May 11, 2023, 4:01 PM
(Leon Neal/Getty Images)
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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.

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.

STORY CONTINUES BELOW

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Danny Nelson

Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.

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