Coinbase is revealing plans to list the native token of scalable blockchain Solana (SOL) on the crypto exchange’s professional-level trading platform Coinbase Pro.
In a blog post, Coinbase says that the token will be listed sometime during the final seven days of May. SOL deposits on Coinbase Pro have already commenced.
“Starting immediately, we will begin accepting inbound transfers of SOL to Coinbase Pro. Trading will begin on or after 9am Pacific Time (PT) Monday May 24, if liquidity conditions are met.”
Initially, Coinbase Pro users will be able to trade SOL paired with Bitcoin, Tether and three fiat currencies – the US dollar, the euro and the sterling pound (GBP).
“Once sufficient supply of SOL is established on the platform, trading on our SOL/USD, SOL/BTC, SOL/EUR, SOL/GBP, and SOL/USDT order books will launch in three phases, post-only, limit-only and full trading.”
Among the leading blockchain platforms, the price of Solana’s native token has been one of the fastest-growing. Over the past 12 months, Solana’s native token has appreciated by over 11,000% top-to-bottom and year-to-date SOL has surged by roughly 3,000%.
Solana employs the proof of stake (PoS) and proof of history consensus mechanisms and claims the platform can handle 65,000 transactions per second (TPS). Its main competitor, leading smart contract platform Ethereum, can currently process as high as 16.5 transactions per second using the slower and less efficient proof-of-work (PoW) consensus mechanism.
Just after Coinbase Pro made its announcement on Twitter, SOL pumped from around $44 to $48. SOL is ranked 15th on the top assets by market cap and holds a $10.59 billion valuation at time of writing, according to CoinMarketCap.
Coinbase now joins other US cryptocurrency exchanges such as Binance.US and FTX.US which have already added support for Solana’s native token.