Coinbase has confirmed plans to increase its wrapped Bitcoin token cbBTC to the Solana blockchain. This transfer follows the profitable launch of cbBTC on Ethereum and Base networks simply days earlier than.
“Our customers love Solana, and so can we. We’re very excited to announce that we are going to be bringing cbBTC to Solana,” Hassan Ahmed of Coinbase Singapore stated in a press release throughout the Solana Breakpoint convention.
Bitcoin 🤝 Solana
Simply in from Breakpoint: @Hassan_NY introduced that @coinbase plans to carry cbBTC to Solana! pic.twitter.com/e1UdoUDgbY
— Solana (@solana) September 21, 2024
Coinbase Wrapped BTC (cbBTC) is an ERC-20 token backed 1:1 by Bitcoin and held in escrow by Coinbase. The token goals to extend the utility and financial freedom of Bitcoin by permitting Coinbase clients to seamlessly entry decentralized finance (DeFi) purposes utilizing their current Bitcoin holdings.
When it first launched, cbBTC was supported on Base and Ethereum, with Coinbase expressing its intention to broaden to extra blockchain networks. The deliberate integration with Solana makes this growth technique a actuality.
The transfer to carry cbBTC to Solana might probably increase DeFi exercise on the highly effective blockchain. Solana, identified for its quick transaction speeds and low charges, can present a lovely atmosphere for Bitcoin holders seeking to leverage DeFi protocols.
For Coinbase customers, cbBTC features as a bridge between Bitcoin and different blockchain ecosystems. When a consumer sends BTC to a supported blockchain handle, it can mechanically be transformed to cbBTC at a 1:1 ratio. Likewise, cbBTC acquired can be transformed again to BTC in customers’ Coinbase accounts.
The growth of cbBTC to Solana might present new alternatives for Bitcoin holders to take part in Solana’s rising DeFi ecosystem. Nonetheless, Coinbase has not but offered a selected timeline for the Solana integration or particulars on when Solana-based DeFi protocols might help cbBTC at launch.