Coinbase, one of the top US-based crypto exchanges, has announced that its wrapped version of Bitcoin (BTC) will soon be available on the Solana (SOL) smart contract platform. This move comes as Coinbase looks to expand the reach of its Coinbase Wrapped Bitcoin (cbBTC) to cater to users on the Solana blockchain.
During the Solana Breakpoint 2024 event, Hasan Ahmed, a Coinbase executive, shared the news, stating, “We recently launched cbBTC on Base, but our users love Solana and so do we, so we are very excited to announce that we will be bringing native cbBTC to Solana as well.” Base is Coinbase’s layer-2 solution on Ethereum, created to enable developers to build applications without being hindered by high gas fees.
Earlier this month, Coinbase introduced cbBTC, an Ethereum-based token backed by Bitcoin, allowing BTC holders to access decentralized finance (DeFi) protocols via the Base and Ethereum blockchains. Ahmed highlighted that cbBTC is designed to seamlessly integrate with DeFi applications, enabling users to explore new DeFi use cases such as providing Bitcoin as liquidity or using it as collateral to borrow other crypto assets.
Coinbase also mentioned that cbBTC would be compatible with popular DeFi protocols like Aave (AAVE), Curve Finance (CRV), and Compound Finance (COMP). The market cap of cbBTC has seen significant growth, reaching $171 million according to CoinGecko data, up from $97 million on September 16th. As for Bitcoin itself, the top crypto asset is currently trading at $63,718, marking a 1.21% increase in the last 24 hours.
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In conclusion, Coinbase’s expansion of cbBTC to the Solana blockchain reflects the growing popularity of DeFi and the increasing demand for innovative solutions in the crypto space. This move opens up new opportunities for users to explore DeFi applications and tap into the potential of decentralized finance.