In what is a massive development for the network, Coinbase has announced that it is bringing a wrapped Bitcoin offering (cbBTC) to the Solana network. Indeed, the cryptocurrency exchange unveiled the move at Solana’s Breakpoint 2024 event that took place in Singapore this past week.
There is no specific launch date, but the expansion is certainly a testament to the blockchain’s popularity. Coinbase certainly isn’t alone. Traditional finance entities like Franklin Templeton and Citigroup announced that they would be launching services on Solana. Thereby, continuing to fortify its position in crypto.
Also Read: Solana: Franklin Templeton & Citi Announce Network Adoption
Coinbase cbBTC Coming to Solana as Network Notes Another Win
There is no denying the prevalence of Solana. A network that had been dubbed the ‘Ethereum Killer’ is certainly living up to its name in 2024. It has been the go-to blockchain for several massive projects that are being rolled out. Moreover, yet another one was added to the list.
Following PayPal’s decision to expand to the network earlier this year, Coinbase has announced it will launch its wrapped Bitcoin (cbBTC) on Solana. The decision is monumental for both sides. It represents another firm opting to expand on the network while strengthening the allure that Solana has built up.
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“We recently launched cbBTC on Base, but our users love Solana, and so do we,” the exchange country director of Singapore, Hassan Ahmed, said during the event. The wrapped BTC option on Coinbase launched on both Ethereum and Base networks last week. Solana is its first big expansion.
The cbBTC asset is an ERC-20 token that is backed 1:1 by Coinbase reserves. It’s meant to improve the liquidity of the biggest cryptocurrency on the market for both Ethereum and Base decentralized ecosystems. The asset should be increasingly competitive as a wrapped Bitcoin option in the growing digital asset market.