Coinbase has simply introduced cbBTC, the very first Bitcoin-backed token on Solana. The newly minted SPL token is backed 1:1 by Bitcoin and held in Coinbase custody. It supplies a straightforward means for customers to entry BTC immediately on the Solana blockchain.
According to the announcement on X, cbBTC by Coinbase brings the ability of Bitcoin onto Solana’s high-speed community, increasing the provision of BTC to decentralized purposes and merchants worldwide.
Bitcoin Now Accessible on Solana with Coinbase’s cbBTC
Coinbase has formally launched cbBTC on the Solana blockchain to improve entry to Bitcoin inside Solana’s fast-growing DeFi ecosystem. cbBTC, issued as an SPL token, is backed 1:1 by native Bitcoin held by Coinbase.
cbBTC is stay on @solana.
cbBTC is an SPL token that’s backed 1:1 by Bitcoin (BTC) held in custody by Coinbase.
This is the primary token Coinbase has issued on Solana, and with it, we’re excited to carry quick access to BTC.
Here’s what you are able to do with your cbBTC on day one ↓
— Coinbase 🛡️ (@coinbase) November 7, 2024
The addition will be a part of the number of different wrapped choices for Bitcoin on the chain. Some embody tBTC, WBTC by way of Wormhole, and soon-to-be-listed zBTC and sBTC. This additional rounds out the Bitcoin providing on Solana.
On the first day, it was built-in into main DeFi platforms, together with Jupiter Exchange, Meteora, Kamino Finance, Jito Sol, PhoenixTrade, DriftProtocol, Raydium, Orca, Save Finance, ManifestTrade, and Loopscale Labs, the place it additionally presents customers with a lot of the liquidity and collateral alternatives introduced on Solana’s DeFi purposes.
In the meantime, Solana (SOL) price seems poised for a breakout as bullish momentum features traction. It additionally lifts the cryptocurrency to a three-month excessive. Some consultants suppose it may quickly reach $300 and surpass BNB token.
cbBTC Making Inroads in Global Crypto Markets
On September 12, Coinbase launched the cbBTC prospects in Singapore, Australia, the UK, and the US – other than New York. This is its wrapped Bitcoin product, first out there on Ethereum and Base. It is totally backed at a 1:1 ratio by Bitcoin and held in Coinbase custody.
One extra notable factor is that cbBTC will likely be operated with out order books or buying and selling pairs devoted explicitly to itself throughout the Coinbase platform. This is the way it makes its utilization seamless over a number of chains.
According to CryptoQuant, cbBTC has emerged because the third most used wrapped Bitcoin asset in only one week. The token has leapfrogged long-standing opponents resembling Huobi BTC, HBTC, and renBTC, RENBTC to compensate for misplaced floor within the wrapped Bitcoin market.
Teuta Franjkovic
Teuta is a seasoned author and editor with over 15 years of expertise in macroeconomics, know-how, and the cryptocurrency and blockchain industries.
Starting her profession in 2005 as a life-style author for Cosmopolitan, she expanded into masking enterprise and financial system for a number of esteemed publications like Forbes and Bloomberg.
Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one in all humanity’s most vital innovations.
Her fintech involvement started in 2014, specializing in crypto, blockchain, NFTs, and Web3. Known for her wonderful teamwork and communication expertise, Teuta holds a double MA in Political Science and Law.
Disclaimer: The introduced content material might embody the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty to your private monetary loss.
