Stock Analysis & Ideas

Solana’s Solflare Wallet Connects with FTX Exchange, Increasing Crypto Accessibility

Story Highlights

A new integration linking FTX accounts with Solana’s Solflare wallet enables users to transfer funds and access Solana’s DeFi and NFT offerings while retaining full asset custody.

Cryptocurrency investors face the dilemma of selecting between centralized and decentralized platforms when considering custody options. Via centralized exchanges (CEXs), entering the crypto universe is straightforward between compliance measures (including KYC and AML), fiat-to-crypto on-ramps, and intuitive user interfaces. Yet, these features come at a cost – users lose custody of their assets. 

While users retain full custody of the assets in decentralized wallets, navigating the unfriendly decentralized exchange (DEX) and decentralized finance (DeFi) landscape using these self-managed wallets can be challenging for ordinary investors. 

To overcome these limitations, the native wallet of Solana, Solflare, has launched a key integration with cryptocurrency exchanges FTX.com and FTX US, enabling investors to now access centralized finance (CeFi) and DeFi primitives from a single non-custodial, KYC-verified wallet.

Solflare users with FTX.com or FTX US accounts can now connect their accounts with Solflare and access their funds directly from the Solflare web extension and later through the Solflare mobile wallet.

Wallet Connectivity to Heighten Accessibility

Solflare is a community-created wallet purposefully built for the Solana blockchain that supports sending and receiving a wide range of tokens, staking, and advanced NFT interactions. The wallet also grants access to the ecosystem’s protocols and decentralized applications (dApps).

This fresh integration connects FTX’s centralized and regulated ecosystem and its users to Solana’s expanding network of dApps, NFT marketplaces, and DeFi protocols from a unified interface.

By connecting the user’s KYC-verified FTX account to Solflare’s non-custodial wallet, the Solana blockchain can verify that the wallets on their network meet regulatory requirements and aren’t “shell” accounts for anti-ethical activities.

At the same time, it also acts as the bridge that connects FTX users with the Solana ecosystem. FTX users interested in entering the DeFi markets formerly challenged by the absence of easy-to-use interfaces can now move their assets between FTX and Solflare wallets swiftly, harnessing the offerings of both the FTX and Solana ecosystems.

Transferring assets between centralized and decentralized wallets emerged as a recurring challenge for the crypto universe. The Solflare-FTX integration addresses this area as well. With the integration in place, depositing assets into an FTX account or transferring assets from FTX to Solflare becomes easier for users. 

The new tie-up eliminates the process of manually copying and pasting wallet addresses and selecting the appropriate network when moving assets between wallets.

If the applicable FTX exchange supports a token, Solflare will automatically fetch the user’s deposit address and transfer the desired amount to that wallet. The same goes for withdrawing assets from FTX and depositing them on Solflare. 

Optimizing Ecosystem Costs & Liquidity

In terms of addressing the lingering issue of gas fees, the integration introduces a solution called FTX Convert. This Solflare-native functionality enables users to rapidly swap tokens using the user’s FTX wallet balance with other tokens directly within the wallet.

Finally, the integration aims to address the liquidity problems facing the Solana DeFi ecosystem. The integration allows Raydium and Serum liquidity to complement FTX deep books via a three-click process from the Solflare app.

Furthermore, Solflare provides complete withdrawal, deposit, and visualization functionalities for FTX NFTs. Together, the integration of Solflare with FTX positions Solflare as a unified portfolio management solution for Solana DeFi and NFT users.

Solflare’s Co-Founder is Optimistic

According to Filip Dragoslavic, co-founder of Solflare, “FTX is probably one of the most popular centralized exchanges for DeFi users, especially on Solana. Integrating the two connects both worlds and turns it all into one seamless experience. You can command your FTX account without ever leaving Solflare, and confirming that your wallet address is indeed one unique human registered on FTX might enable many new web3 opportunities.”

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