Coinbase confirms plans to bring cbBTC to Solana

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Coinbase has confirmed plans to expand its wrapped Bitcoin token cbBTC to the Solana blockchain. This move follows the successful launch of cbBTC on the Ethereum and Base networks a few days earlier.

“Our users love Solana, and so do we. We're very excited to announce that we're bringing cbBTC to Solana,” Coinbase Singapore's Hassan Ahmed said in a statement during the Solana Breakpoint conference.

Coinbase Wrapped BTC (cbBTC) is an ERC-20 token backed 1:1 by Bitcoin held in custody by Coinbase. The token aims to increase the utility and economic freedom of Bitcoin by allowing Coinbase customers to seamlessly access decentralized finance (DeFi) applications using their existing Bitcoin holdings.

When it was initially ReleasedcbBTC was supported on Base and Ethereum, and Coinbase has expressed its intention to expand to additional blockchain networks. The planned integration with Solana enables this expansion strategy to become a reality.

The decision to add cbBTC to Solana could potentially boost DeFi activity on the high-throughput blockchain. Solana, known for its fast transaction speeds and low fees, may offer an attractive environment for Bitcoin holders looking to interact with DeFi protocols.

For Coinbase users, cbBTC acts as a bridge between Bitcoin and other blockchain ecosystems. When a user sends BTC to a supported blockchain address, it is automatically converted to cbBTC at a 1:1 ratio. Similarly, received cbBTC is converted back to BTC in users’ Coinbase accounts.

The expansion of cbBTC to Solana could open up new opportunities for Bitcoin holders to participate in Solana’s growing DeFi ecosystem. However, Coinbase has not yet provided a specific timeline for Solana’s integration or details on which Solana-based DeFi protocols might support cbBTC upon launch.

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