Leading cryptocurrency exchange Coinbase Global Inc. has announced its commitment to acquire Vectordotfun (Vector). In a post on X, Coinbase informed its over 6.6 million community members of the decision. This marks a pivotal moment for the trading platform that operates on the Solana (SOL) network.
Coinbase’s strategic bet on Solana’s growth
As per Coinbase’s announcement, the exchange is doubling down on Vector as it believes that Solana is growing at a significant pace. Hence, acquiring Vector will allow Coinbase to increase its investment in the Solana network.
Coinbase plans to integrate Vector’s technology directly into its own system, possibly to make it more efficient and faster. Solana is renowned for its speed and transaction throughput, and Coinbase wants to leverage this to provide faster trading experiences for its users.
Community members have welcomed the strategic partnership and consider it a major win for Coinbase. They believe that the acquisition could define the next cycle in the crypto space, as it could place SOL on the fast lane of accelerated value growth.
Solana has also applauded the Coinbase exchange for the move because it will boost the entire ecosystem. The development could likely help increase utility in the chain and positively impact the price outlook for the asset.
Coinbase is doubling down on Solana.
Congrats, @VECTORDOTFUN 🔥 https://t.co/IrZxvIMGLe
Solana has been bleeding over the last 30 days and has shed 29.9% of its market price as the asset continues to battle fluctuations. As of press time, Solana exchanges hands at $128.42, which represents an 8.68% decline in the last 24 hours.
SOL previously climbed from $122.27 to an intraday peak of $141.01 before experiencing intense volatility that pushed it back down. Notably, the broader crypto market decline also affected Solana’s performance.
With Coinbase’s acquisition of Vector, many would be looking out for how this might positively impact the chain.
Coinbase expands services with Ethereum-backed loans
In another development, Coinbase recently activated a special feature that allows the exchange's U.S. customers to use Ethereum as collateral for crypto loans. The move could boost utility for Ethereum and increase its adoption in the crypto space.
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According to the arrangement, users will not need to sell their assets but still collect loans in USDC, with their Ethereum serving as collateral. This gives users more flexibility and control over their Ethereum holdings.
Although some have wondered about the timing, particularly as the asset is witnessing volatility along with the broader crypto market, Coinbase appears comfortable.
Earlier, the exchange opined that the recent massive liquidation that occurred on Oct. 10 was a reset. This positioning is likely responsible for the investment in Vector despite Solana’s poor showing of late.
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