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Coinbase New Wrapped Bitcoin (cbBTC) Coming to Solana, Says Crypto Exchange’s Executive

n70products by n70products
September 23, 2024
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Coinbase New Wrapped Bitcoin (cbBTC) Coming to Solana, Says Crypto Exchange’s Executive
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High US-based crypto trade Coinbase says its wrapped model of Bitcoin (BTC) is coming to the good contract platform Solana (SOL).

In a session throughout the Solana Breakpoint 2024 occasion, Coinbase government Hasan Ahmed says the crypto trade is introducing Coinbase Wrapped Bitcoin (cbBTC) to the Ethereum (ETH) competitor’s blockchain.

“We not too long ago launched cbBTC on Base, however our customers love Solana and so can we, so we’re very excited to announce that we’ll be bringing native cbBTC to Solana as effectively.”

Base is Coinbase’s Ethereum layer-2 resolution designed to permit builders to construct functions with out getting slowed down by excessive gasoline charges.

Earlier this month, Coinbase launched cbBTC, an Ethereum-based token backed by Bitcoin that offers BTC holders entry to decentralized finance (DeFi) protocols through the Base and Ethereum blockchains.

“cbBTC is constructed to be seamlessly appropriate with DeFi functions, so customers can now faucet into novel DeFi use circumstances like offering their Bitcoin as liquidity to DeFi protocols, or utilizing it as collateral to borrow different crypto property.”

On the time, Coinbase mentioned cbBTC could be appropriate with many outstanding DeFi protocols, together with Aave (AAVE), Curve Finance (CRV), and Compound Finance (COMP).

Not too long ago, the market cap of cbBTC has surged to $171 million, in line with knowledge from CoinGecko. On September sixteenth, it was simply at $97 million.

The highest crypto asset by market cap is buying and selling for $63,718 at time of writing, a 1.21% enhance over the past 24 hours.

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