Coinbase has launched its wrapped Bitcoin product, cbBTC, on the Solana blockchain, expanding its use beyond Ethereum. The cbBTC token will be an SPL token on Solana, allowing it to represent fungible and non-fungible assets. The token is expected to be used in decentralized finance (DeFi) applications, whether traded on a decentralized exchange or used as collateral. The move to Solana strengthens Coinbase's presence on the Ethereum competitor and taps into Solana's growing DeFi ecosystem. The cbBTC token has quickly gained popularity, with its total value surpassing $1 billion in just nine weeks. The launch was celebrated by decentralized exchanges on Solana, including Orca and Drift. This move comes amid some controversy surrounding BitGo's wrapped Bitcoin product and its ties to Justin Sun. Coinbase initially announced the launch of cbBTC on Solana in September.
- Content Editor ( decrypt.co )
- 2024-11-08
Coinbase Brings its Wrapped Bitcoin to Solana