Leading US cryptocurrency exchange Coinbase has announced that its wrapped version of Bitcoin (BTC) will be available on the smart contract platform Solana (SOL).
During a session at the Solana Breakpoint 2024 event, Coinbase executive Hasan Ahmed stated that the exchange is launching Coinbase Wrapped Bitcoin (cbBTC) on Solana’s blockchain, which competes with Ethereum (ETH).
“We recently introduced cbBTC on Base, but our users are passionate about Solana, and we share that enthusiasm, so we are thrilled to announce that we will also be bringing native cbBTC to Solana.”
Base represents Coinbase’s Ethereum layer-2 solution aimed at empowering developers to create applications without the burden of exorbitant gas fees.
Earlier this month, Coinbase unveiled cbBTC, a token built on Ethereum and supported by Bitcoin, which allows BTC holders to access decentralized finance (DeFi) protocols through both the Base and Ethereum blockchains.
“cbBTC is designed to work seamlessly with DeFi applications, enabling users to explore innovative DeFi opportunities such as providing their Bitcoin as liquidity to DeFi protocols or using it as collateral to obtain other cryptocurrencies.”
At that time, Coinbase indicated that cbBTC would integrate with many well-known DeFi protocols, including Aave (AAVE), Curve Finance (CRV), and Compound Finance (COMP).
Recently, cbBTC’s market capitalization has risen to $171 million, based on data from CoinGecko. It was at just $97 million on September 16th.
The leading crypto asset by market cap is currently trading at $63,718, marking a 1.21% rise in the last 24 hours.
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