SIMBA Chain Supports Stellar | Enables Improving Multichain dApp Development Capabilities

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SIMBA is an API development platform that supports multiple cryptocurrencies including Stellar and facilitates dApp development by utilizing metadata registry bridge (MDR).

Coinbase yesterday added Solana tokens support to its crypto wallet’s browser extension. Polygon also announced a mutual partnership with API development platform SIMBA Chain. Details below:

Coinbase Exchange Announces Wallet Support for Solana

US-based cryptocurrency exchange Coinbase on Thursday disclosed that its self-custody crypto wallet would support tokens native to the Solana ecosystem. The move marks the first time the Coinbase crypto wallet will support non-Ethereum-compatible crypto assets. Prior to the announcement, the wallet’s (browser extension and app) scope only encompassed Ethereum Virtual Machine (EVM) platforms like Avalanche and Polygon.

Users of the Coinbase wallet will now be able to manage their Solana tokens via the browser extension. The exchange is reportedly working to allow the same for the mobile app. The wallet, however, doesn’t connect to Solana dApps. Worth noting, Solana-based wallet users can directly transfer their tokens into the Coinbase one through the desktop browser extension.

Despite the addition of Solana to the wallet’s list of supported chains, the Coinbase wallet lags as alternative wallets like Phantom have both NFT and DeFi compatibility. Coinbase plans to introduce these and other Solana integrations with time, as per a statement shared with CoinDesk.

“In the coming months, we’ll be adding support for Solana NFTs and the ability for you to connect your wallet to Solana dapps to interact with everything the Solana ecosystem has to offer,” the exchange’s product manager Adam Zadikoff noted.

The decision by the MetaMask rival to add Solana program library (SPL) tokens was ascribed to the growing interest in the high-performance blockchain in the last dozen months, Coinbase explained.

“Many users have been looking for networks that are optimized for scale, offering low-cost transactions and fast transaction times. One of the fastest-growing blockchains over the past year has been Solana.”

Indeed, both retail and individual investors have lately shifted their focus to better alternatives in terms of fees and speeds. Solana has stood out as one of the go-to choices due to its low fees. Not all, however, consider the blockchain a good alternative. This week, Ethereum co-founder Joseph Lubin hit out at the ecosystem, claiming it taps on an ‘unsustainable’ rewarding model.

Polygon establishes mutual partnership with SIMBA chain for blockchain tech growth

According to an official statement sent out Thursday, Polygon, a sidechain scaling solution running on the Ethereum blockchain, is onboarding API development platform SIMBA Chain. The two chains have so far operated independently to provide scalable blockchain technology infra to both centralized and decentralized parties but will onwards launch a joint initiative to support the said tech further.

SIMBA Chain is a portable API development platform that provides cloud-based Web 2 tech companies with uncomplicated routes towards integrating blockchain technology and thus effortless migration into Web 3. The chain is targeting further growth as it is set to gain better efficiency and effectiveness on its white-label NFT marketplaces.

A white-label NFT marketplace is an exclusive customizable NFT marketplace that allows listing, buying, and selling digital assets (art, collectibles, and the likes) as NFTs. The integration with Polygon means that SIMBA Chain will use the full-stack scaling solution (Polygon’s) to develop and run these custom marketplaces for its customers.

The two chains also intend to enhance secure digital asset custodial services by promoting interoperability. To achieve this, Simba and Polygon will market and conduct wide-reaching integration of SIMBA’s metadata registry bridge (MDR).

Evidently, both chains are looking to collaborate on many items to expand their resources, support and infrastructural capabilities. Ambition-wise, they aim to cut down on the barriers to entry for businesses that want to interact with blockchain tech infra and facilitate increased dApp development among those outside the crypto circles.

SIMBA Chain, which now aims to improve multichain dApp development capabilities, has in the past also established partnerships with other protocols outside of Polygon. SIMBA also supports Ethereum, Stellar, Avalanche, Binance, and Quorum.

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