How to buy Solana
SOL
Solana is a platform for building blockchain-based products and services. Its unique consensus mechanism, known as ‘proof-of-history’, enables high transaction speed and low settlement times. The web-scale blockchain currently supports 50,000 TPS (Transactions per second) and 400ms Block Times. It is also a governance token, permitting holders to vote on changes to the protocol. SOL is the native token of Solana. The SOL cryptocurrency is involved in transaction processing, and provided as a reward to validators who help maintain the network. You can buy and sell SOL for any major cryptocurrency, like BTC, ETH, and XRP or traditional currency such as Canadian Dollar, US Dollar, and Euro. Trading cryptocurrencies is like foreign exchange of traditional currencies – you trade SOL for BTC the same way you trade CAD for USD. You can also trade SOL to CAD based on the SOL price. To learn how to buy Solana / SOL, scroll down to see how to buy Solana.
In late 2017, founder Anatoly Yakovenko published a whitepaper draft detailing a new timekeeping technique for distributed systems called Proof of History (PoH). In blockchains like Bitcoin and Ethereum, the time required to reach a consensus on the order of transactions is a limitation for scalability. Anatoly believed his new technique could automate the transaction ordering process for blockchains, leading to the origin of the scale-friendly Solana. The founding team included former Apple engineers in addition to some Qualcomm veterans. They initially named the project Loom but later rebranded it to Solana to avoid confusion with the Ethereum Layer-2 scaling solution, Loom Network. Now that you know how to buy Solana and its history, here’s a few fun ways you can use it.
You may want to consider buying SOL if you would like to:
Diversify your portfolio by introducing a variety of cryptocurrency assets
Join Solana’s staking pool to increase the network’s censorship resistance and potentially earn rewards
Explore projects in Web3, DeFi, and blockchain-based gaming
Exchange it for cryptocurrencies such as Bitcoin to buy and sell goods online
Solana (SOL)
All prices are in USD.
How to buy Solana
SOL
Solana is a platform for building blockchain-based products and services. Its unique consensus mechanism, known as ‘proof-of-history’, enables high transaction speed and low settlement times. The web-scale blockchain currently supports 50,000 TPS (Transactions per second) and 400ms Block Times. It is also a governance token, permitting holders to vote on changes to the protocol. SOL is the native token of Solana. The SOL cryptocurrency is involved in transaction processing, and provided as a reward to validators who help maintain the network. You can buy and sell SOL for any major cryptocurrency, like BTC, ETH, and XRP or traditional currency such as Canadian Dollar, US Dollar, and Euro. Trading cryptocurrencies is like foreign exchange of traditional currencies – you trade SOL for BTC the same way you trade CAD for USD. You can also trade SOL to CAD based on the SOL price. To learn how to buy Solana / SOL, scroll down to see how to buy Solana.
Here’s how to buy Solana on Coinsquare
Buying Solana is just like foreign exchange of traditional currencies like the Canadian Dollar, US Dollar, or Euro. You trade coins that you have – either a cryptocurrency or a dollar – for Solana, which trades as SOL. Based on when you think you can get a good SOL price, you should be able to trade SOL to CAD.
To buy Solana, simply follow these steps:
Sign up for a Coinsquare account and verify your identity
This is the first step to buying SOL. Verifying your identity helps us to properly connect your funds to your account.
Fund your account with Canadian Dollars
Funding is like putting gas into a car – it helps you get where you want to go.
After funding, select SOL from the list on the trade section
Coinsquare lets you trade SOL without leaving the app. You can also check the Solana stock price and convert SOL to CAD on the platform.
Select a currency you’ve funded and use it to check the SOL price
In the Coinsquare app, all currencies available to trade can be found in the drop down list.
Buy SOL
Congratulations! You’re now the proud owner of SOL. You can either HODL or use it to exchange SOL to CAD. To the moon!
In late 2017, founder Anatoly Yakovenko published a whitepaper draft detailing a new timekeeping technique for distributed systems called Proof of History (PoH). In blockchains like Bitcoin and Ethereum, the time required to reach a consensus on the order of transactions is a limitation for scalability. Anatoly believed his new technique could automate the transaction ordering process for blockchains, leading to the origin of the scale-friendly Solana. The founding team included former Apple engineers in addition to some Qualcomm veterans. They initially named the project Loom but later rebranded it to Solana to avoid confusion with the Ethereum Layer-2 scaling solution, Loom Network. Now that you know how to buy Solana and its history, here’s a few fun ways you can use it.
You may want to consider buying SOL if you would like to:
Diversify your portfolio by introducing a variety of cryptocurrency assets
Join Solana’s staking pool to increase the network’s censorship resistance and potentially earn rewards
Explore projects in Web3, DeFi, and blockchain-based gaming
Exchange it for cryptocurrencies such as Bitcoin to buy and sell goods online
Where do I keep my SOL?
Ready to add SOL to your portfolio?
Prices and percentage changes are for information purposes only and in no way reflect Coinsquare Ltd.’s speculation of market direction. Past performance is not an indicator of future performance. Please find our Risk Disclosure statement here.
FINTRAC Registered
Property as prescribed in the Coverage Policy of the Canadian Investor Protection Fund (CIPF) that is held in customers’ accounts, including cash balances but not crypto assets, is protected by CIPF within specified limits. A brochure describing the nature and limits of coverage is available upon request or at https://www.cipf.ca.