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Will Coinbase bring cbBTC to Solana?

There's a chance that the wrapped bitcoin derivative cbBTC will be launched on Solana soon. This was announced by Coinbase at Token2049.

Robert Garcia September 23, 2024

About 1 min reading time

Bitcoin Derivative cbBTC Poised to Expand to Solana Blockchain

The Bitcoin derivative cbBTC could soon be making its way to the Solana blockchain. During the Breakpoint Event 2024, held alongside Token2049, Hassan Ahmed, the head of Coinbase Singapore, announced plans for cbBTC’s expansion.

Currently, cbBTC is only available on Ethereum and Base, where it has been live since September 12th. The token is a wrapped Bitcoin derivative, fully backed by actual BTC at a 1:1 ratio, with the Bitcoin securely stored in Coinbase wallets.

cbBTC provides Bitcoin investors with the opportunity to participate in decentralized finance (DeFi) applications on Ethereum and Base without needing to sell their Bitcoin. This allows investors to leverage their BTC in DeFi ecosystems while retaining their original holdings.

With the planned expansion to Solana, Coinbase aims to further broaden access to DeFi opportunities for Bitcoin holders across more blockchain platforms.

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