Coinbase vows to improve support for Solana following criticism from community

Coinbase Pledges Enhanced Support for Solana Network Following Community Criticism

Coinbase has committed to enhancing its assistance for the Solana [SOL] blockchain in response to feedback from the community regarding extended transaction delays.

Over the weekend, the situation escalated due to a surge in traffic as individuals engaged in the fervor surrounding the Official Trump [TRUMP] and Melania Meme [MELANIA] meme coins.

Regrettably, traders, particularly those based in the United States using Coinbase, encountered significant delays in executing transactions on the Solana network.

Recent reports even highlighted an astonishing “four-year waiting period” for transferring funds from the centralized exchange to Solana. An outraged user commented,

“I must say, Coinbase has truly outdone themselves this time. Waiting four years to process a Solana transaction will not attract more users to their platform. Instead, they might lose their existing user base.”

Brian Armstrong’s Commitment to Supporting Solana

Prior to the TRUMP meme frenzy, numerous Coinbase users had raised similar concerns.

However, Mert Mumtaz, CEO of Helius, a development platform built on Solana, and the Chief Marketing Officer for the network, pointed out that the issue lay within the exchange’s support framework.

He urged dissatisfied users to explore alternative platforms for executing Solana transactions.

In response, Coinbase’s leadership, spearheaded by founder Brian Armstrong and Jesse Pollak from Base, acknowledged the problem and vowed to enhance their support for Solana. In a statement from Armstrong,

“It is evident that we need to elevate our commitment to Solana, enhance our infrastructure, and offer dedicated support for common activities like DEX and meme coin trading.”

Pollak reiterated the same sentiment, adding,

The swiftness of the rollout of these enhancements remains to be seen.

Meanwhile, crypto venture capital firm MultiCoin Capital (MC) conducted its sixth annual evaluation of Solana, forecasting its role as the “Internet capital markets.” Kyle Samani, co-founder of MC, expressed in the thesis,

“I contend that Solana is poised to drive Internet Capital Markets. Additionally, I posit that Solana’s technological prowess can outshine major players in traditional finance (TradFi) such as NYSE, NASDAQ, CME, JPM, GS, and MS in financial markets, as well as Visa and Mastercard in the payments sector.”

Samani highlighted Solana’s superiority in key metrics like latency and cost as its competitive edge in reshaping the next era of capital markets.

This ambitious outlook could potentially fuel the altcoin’s rise to meet or even exceed the $370 price target, solidifying its position as a leading player in the layer 1 blockchain domain.