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 offers a simple manner for customers to entry BTC instantly on the Solana blockchain.
In keeping with the announcement on X, cbBTC by Coinbase brings the facility of Bitcoin onto Solana’s high-speed community, increasing the supply of BTC to decentralized functions and merchants worldwide.
Bitcoin Now Accessible on Solana with Coinbase’s cbBTC
Coinbase has formally launched cbBTC on the Solana blockchain to enhance 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 reside on @solana.
cbBTC is an SPL token that’s backed 1:1 by Bitcoin (BTC) held in custody by Coinbase.
That is the primary token Coinbase has issued on Solana, and with it, we’re excited to deliver easy accessibility to BTC.
Right here’s what you are able to do along with your cbBTC on day one ↓
— Coinbase 🛡️ (@coinbase) November 7, 2024
The addition will be part of the number of different wrapped choices for Bitcoin on the chain. Some embrace 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 Change, 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 functions.
Within the meantime, Solana (SOL) price seems poised for a breakout as bullish momentum good points traction. It additionally lifts the cryptocurrency to a three-month excessive. Some specialists suppose it might quickly reach $300 and surpass BNB token.
cbBTC Making Inroads in International Crypto Markets
On September 12, Coinbase launched the cbBTC prospects in Singapore, Australia, the UK, and the US – aside from New York. That is its wrapped Bitcoin product, first obtainable on Ethereum and Base. It’s absolutely backed at a 1:1 ratio by Bitcoin and held in Coinbase custody.
Another notable factor is that cbBTC will probably be operated with out order books or buying and selling pairs devoted explicitly to itself throughout the Coinbase platform. That is the way it makes its utilization seamless over a number of chains.
In keeping with 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.
Beginning her profession in 2005 as a way of life author for Cosmopolitan, she expanded into overlaying enterprise and economic 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 every of humanity’s most important innovations.
Her fintech involvement started in 2014, specializing in crypto, blockchain, NFTs, and Web3. Recognized for her glorious teamwork and communication abilities, Teuta holds a double MA in Political Science and Regulation.
Disclaimer: The introduced content material might embrace the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty to your private monetary loss.
✓ Share: