Coinbase has confirmed plans to develop its wrapped Bitcoin token cbBTC to the Solana blockchain. This transfer follows the profitable launch of cbBTC on Ethereum and Base networks simply days prior.
“Our customers love Solana, and so will 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 through the Solana Breakpoint convention.
Bitcoin 🤝 Solana
Simply in from Breakpoint: @Hassan_NY introduced that @coinbase plans to deliver 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 held in Coinbase custody. The token goals to extend Bitcoin’s utility and financial freedom by enabling Coinbase prospects to seamlessly entry decentralized finance (DeFi) functions utilizing their current Bitcoin holdings.
When it was initially launched, cbBTC was supported on Base and Ethereum, with Coinbase expressing intentions to develop to further blockchain networks. The deliberate integration with Solana sees this growth technique come to fruition.
The transfer to deliver cbBTC to Solana may doubtlessly increase DeFi exercise on the high-performance blockchain. Solana, identified for its quick transaction speeds and low charges, could supply a sexy atmosphere for Bitcoin holders seeking to have interaction with DeFi protocols.
For Coinbase customers, cbBTC capabilities as a bridge between Bitcoin and different blockchain ecosystems. When a person sends BTC to a supported blockchain tackle, it’s robotically transformed to cbBTC at a 1:1 ratio. Equally, acquired cbBTC is transformed again to BTC in customers’ Coinbase accounts.
The growth of cbBTC to Solana may open up new alternatives for Bitcoin holders to take part in Solana’s rising DeFi ecosystem. Nevertheless, Coinbase has not but supplied a selected timeline for the Solana integration or particulars on which Solana-based DeFi protocols would possibly help cbBTC upon launch.
