Coinbase Plans to Launch cbBTC on Solana’s Blockchain
Coinbase is planning to introduce its cbBTC token on the Solana blockchain, announced the Country Director of Singapore, Hassan Ahmed, during a panel discussion at the Solana Breakpoint 2024 event in Singapore on Saturday.
The digital asset exchange recently launched cbBTC on Base, but has received positive feedback from users and is eager to bring it to the Solana blockchain. While Ahmed did not provide a specific timeline, the company is working towards making cbBTC available on Solana.
The ERC-20 token, which is backed 1:1 by bitcoin held by Coinbase, is intended for users to participate in DeFi protocols and use it as collateral in both Ethereum and Base ecosystems.
Coinbase initially announced the token in response to a change in ownership of the competitor token, WBTC. As of now, cbBTC has a market capitalization of approximately $137 million, according to data from CoinGecko.
