Solflare to let users manage Solana CeFi and DeFi accounts in one app with FTX integration
On Thursday, Solana (SOL)-native wallet Solflare released a new integration with cryptocurrency exchange FTX.com and FTX.us to simplify portfolio management for Solana users. As told by Solflare, it would make transfers between one’s custodial and non-custodial balances trivial by enabling users to manage FTX funds directly from their Solflare web extension and later via the mobile wallet. Of course, FTX Know Your Customer (KYC) rules would still apply to link one’s exchange accounts with Solflare.
In addition, token swap on FTX accounts within the Solflare wallet would not be affected by Solana’s infamous network congestions as liquidity is sourced from FTX instead of Solana. Though deposits and withdrawals onto the Solana network may still be slow at times. The wallet supports FTX nonfungible tokens withdrawal, deposits, and visualization functionality.
For decentralized finance, or DeFi, users, the integration would improve Solflare’s ability to conduct coordinated airdrops and other yield incentives. Filip Dragoslavic, co-founder of Solflare, commented:
“FTX is probably one of the most popular centralized exchanges for DeFi users, especially on Solana. Integrating the two connects both worlds where you can command your FTX account without leaving Solflare. Confirming your wallet address is one unique human registered on FTX might enable new regulatory-compliant Web 3.0 opportunities.”
Solflare is a community-created wallet built specifically for Solana. The wallet allows for users to send and receive native SOL tokens as well as to send and receive Solana’s ERC-20 equivalent SPL tokens. It also supports staking of SOL tokens, advanced nonfungible token, or NFT, interactions, DeFi protocol usage, DApp notifications and Ledger hardware wallet support.