Coinbase Launches cbBTC Wrapped Bitcoin on Solana, Expanding its Crypto Reach

Coinbase’s wrapped Bitcoin product, cbBTC, is coming to the Solana network, allowing users to utilize Bitcoin for decentralized finance (DeFi) applications.

Key points:

• Coinbase expands cbBTC: Coinbase announced plans to bring cbBTC to Solana at Breakpoint 2024.
• Wrapped Bitcoin for DeFi: Users will retain control of Bitcoin while using it as collateral in DeFi.
• Solana integration soon: The launch date remains unspecified, but excitement is high.
• Global reach of cbBTC: cbBTC has already launched on Ethereum and Base, available in several countries.
• Growing popularity: cbBTC has quickly become the third most popular wrapped Bitcoin product.

Solana Gets a Boost as Coinbase Brings cbBTC to Its Ecosystem

Coinbase has announced that its wrapped Bitcoin product, cbBTC, will soon be available on the Solana network.

This news, revealed by Hassan Ahmed, Coinbase’s Singapore country director, during the Breakpoint 2024 conference, sparked excitement among Solana enthusiasts and crypto developers alike.

The launch date remains unclear, but anticipation is building within the decentralized finance (DeFi) community.

Wrapped Bitcoin (like cbBTC) allows users to keep control of their Bitcoin while leveraging it as collateral in DeFi applications. This opens up a world of possibilities for earning yields, borrowing, and trading—all while still holding Bitcoin.

Initially launched on Ethereum and Base networks, cbBTC is backed by Bitcoin on a 1:1 ratio and is currently available in Singapore, Australia, the U.K., and most U.S. states.

Coinbase’s cbBTC has gained substantial traction, recently becoming the third most popular wrapped Bitcoin product in just one week, surpassing other established players like Huobi BTC and renBTC.

Read more: Bitcoin is coming to Base: Coinbase unveils $cbBTC

The decision to bring cbBTC to Solana is seen as a strategic move, as the network’s low fees and high throughput make it an attractive choice for developers and users alike.

As Solana continues to grow as a key player in the crypto ecosystem, the addition of cbBTC could further enhance its DeFi offerings, bringing more Bitcoin holders into the fold.

Sebastian Gamez

Milk Road Writer

Sebastian has been immersed in the crypto space since 2021, specializing in research and building a deep understanding of blockchain technologies. His expertise includes exploring innovative trends and sharing insights through content creation, all driven by his passion for how crypto can reshape industries and unlock new possibilities for the future.

Read More