Cryptocurrency Wallets Supported by SOMA.finance

Cryptocurrency wallets are an essential piece to interacting with decentralized finance (DeFi) platforms like SOMA.finance, so it's important to choose a crypto wallet developed by a trusted source and widely integrated across the DeFi ecosystem. 

Decentralized wallets provide an added layer of security and control, empowering users to securely access and manage their assets while seamlessly connecting with a range of DeFi protocols like SOMA.finance. Having access to a decentralized wallet can enable a user to seamlessly interact with a wide range of DeFi protocols, DApps, and smart contracts, unlocking the benefits of decentralized finance across various platforms.

For that reason, SOMA.finance has chosen three of the top cryptocurrency wallets in the industry for use with its platform: MetaMask, WalletConnect, and the Coinbase wallet. Here’s a brief overview of each wallet, where they can be downloaded, and the reasoning behind why SOMA chose them for integration. 

MetaMask is one of the longest-operating open-source Ethereum wallets in the industry and is capable of supporting all types of Ethereum-based tokens. On top of supporting Ethereum, all Ethereum Virtual Machine (EVM) compatible networks, such as Polygon, Arbitrum, and Fantom, are also supported by the wallet. 

Along with the ability to send and receive tokens, MetaMask also comes with built-in integrations that allow users to directly purchase or swap tokens through a decentralized network. 

Perhaps the handiest feature of MetaMask is its ability to interface with websites, which allows it to directly interact with Web3 applications and a host of DeFi platforms without the need to copy-paste payment addresses or scan a QR code on a separate device. 

With the MetaMask wallet extension, connecting with DeFi is as simple as clicking the connect button and approving the connection via a prompt from the wallet.  

Installation and setup 

To install MetaMask, navigate to the official download page on metamask.io, select your browser, and click the Install button to add the extension to your application. You may need to grant it some permissions in the process of getting it up and running. 

Once you see the Welcome page with the MetaMask fox logo, click Get Started. If you already have an Ethereum wallet, you can import the private key or seed phrase into MetaMask to access that wallet, or you can create a new one. 

If you choose to create a new one, click on Create a Wallet, navigate through the various terms of use and data sharing disclaimers, select a secure password, and then click Create.

IMPORTANT: MetaMask is a non-custodial wallet, so you are the only one with access to it. Therefore, it's extremely important that you back up your secret backup phrase and store it in a safe location. Many prefer to have at least two copies of their backup phrases stored in separate locations as an extra precaution. 

To ensure that you have your backup phrase recorded properly, MetaMask will prompt you to verify certain words. Make sure you complete this step and double-check that you have your phrase recorded correctly. If you lose access to this phrase, you will lose access to your funds. 

Why Metamask?

SOMA.finance chose to integrate MetaMask because it is one of if not the most widely integrated wallets in the crypto ecosystem. MetaMask was created by Consensys, a prominent fixture in the world of crypto, and has a global team of dedicated developers that continue to keep the wallet at the forefront of development with the latest features and updates. 

MetaMask is also easy to use, has a user-friendly interface, supports a wide range of EVM networks, and has plans to support non-EVM networks in the future. 

Another widely used application in DeFi is WalletConnect, an open-source protocol that allows your wallet to connect and interact with other DApps and other cryptocurrency wallets. By clicking a deep link or scanning a QR code, WalletConnect establishes an encrypted connection between your wallet and the DApp. 

As implied above, WalletConnect isn’t actually a wallet, but more so a protocol that facilitates the connection of your wallet with decentralized applications. The WalletConnect platform supports a variety of popular wallets – including MetaMask and Trust Wallet – as well as a long list of DApps including Uniswap, OpenSea, AAVE and SOMA.finance. 

WalletConnect is primarily used with wallets on Android or iOS mobile devices. 

How to use

To use WalletConnect, you must first navigate to a DApp, click on the connect button, and select WalletConnect. Not all wallets are supported by the protocol, so it’s important for you to verify that it is a WalletConnect-supported wallet before trying to connect. 

If you are on a desktop web browser, click the Connect button. You will be prompted with a pop-up presenting different options for connecting your crypto wallet. Click WalletConnect to display a QR code. 

Head on over to your mobile device, open your wallet and select the WalletConnect application. This should open up your camera app to allow you to scan the QR code. 

Once scanned, a pop-up will appear in your wallet. Tap Connect to give the DApp permission to interact with your wallet. You have now successfully connected to the Dapp and can disconnect at any time by selecting Cancel. 

If you are connecting to a DApp directly from your mobile device, click the Connect button, select WalletConnect, and choose the appropriate cryptocurrency wallet from the list provided. 

Why WalletConnect

SOMA.finance chose to integrate WalletConnect due to its wide integration across the crypto ecosystem and its ability to connect mobile devices with Web3 and DApps. Along with supporting the Ethereum and other EVM networks, WalletConnect also supports the Solana and Cosmos ecosystems, providing a trusted service to connect SOMA.finance users with their SOL and ATOM wallets and assets. 

As the name implies, the Coinbase wallet is a crypto wallet developed by Coinbase, the top cryptocurrency exchange in the United States. The wallet's ties to the exchange and its well-funded team are part of the reason SOMA.finance selected the wallet for integration. 

Similar to MetaMask, the Coinbase wallet supports all Ethereum tokens and EVM-compatible networks, and also supports Solana, Bitcoin, Dogecoin and Litecoin. This provides SOMA.finance users with a secure way to trade some of the most popular assets that are not on the Ethereum network or EVM compatible – most importantly, BTC. 

The Coinbase wallet also has a dedicated non-fungible token (NFT) section where users can view their NFT portfolio and send, receive, or purchase tokens. 

And with Coinbase Pay, wallet users can easily go from cash to crypto in over 90 countries, which makes it easy for users to fund their Coinbase Wallet with just a few clicks.

Where to Access

The Coinbase wallet is available on Android and iOS devices, and can also be added to your web browser as an extension. To download the wallet, navigate to the Download page, select the proper device, and proceed through the installation steps, which are similar to the steps for MetaMask. 

IMPORTANT: The Coinbase wallet is also a self-custody wallet, so it's vital that you record your recovery phrase when setting up a new wallet through the app. 

Using the crypto wallets provided, SOMA.finance users can seamlessly integrate with the platform in a secure and trusted manner, removing one of the biggest stressors when trading in DeFi. 

With some of the most well-known names in the industry supporting the continued development of these solutions, users should have everything they need to access all current and future developments within the industry. SOMA.finance remains dedicated to offering a trusted, regulatory complaint DeFi platform for users to trade and access such opportunities as the world moves towards a Web3 future.