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

Top US-based crypto exchange Coinbase says its wrapped version of Bitcoin (BTC) is coming to the smart contract platform Solana (SOL).

In a session during the Solana Breakpoint 2024 event, Coinbase executive Hasan Ahmed says the crypto exchange is introducing Coinbase Wrapped Bitcoin (cbBTC) to the Ethereum (ETH) competitor’s blockchain.

“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 Ethereum layer-2 solution designed to allow developers to build applications without getting bogged down by high gas fees.

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

“cbBTC is built to be seamlessly compatible with DeFi applications, so users can now tap into novel DeFi use cases like providing their Bitcoin as liquidity to DeFi protocols, or using it as collateral to borrow other crypto assets.”

At the time, Coinbase said cbBTC would be compatible with many prominent DeFi protocols, including Aave (AAVE), Curve Finance (CRV), and Compound Finance (COMP).

Recently, the market cap of cbBTC has surged to $171 million, according to data from CoinGecko. On September 16th, it was just at $97 million.

The top crypto asset by market cap is trading for $63,718 at time of writing, a 1.21% increase during the last 24 hours.

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