Coinbase has announced the launch of cbBTC, the first Bitcoin -backed token on the Solana blockchain. The newly created SPL token is backed by Bitcoin at a 1:1 ratio with Coinbase’s reserves. This token allows users to hold Bitcoin on the Solana network.
Features and Integration of cbBTC
cbBTC was introduced to increase access to Bitcoin within Solana’s rapidly growing DeFi ecosystem. Supported by Coinbase, this token joins other wrapped Bitcoin alternatives currently available on Solana. It expands the Bitcoin alternatives on Solana alongside tBTC, WBTC through Wormhole, and upcoming assets like zBTC and sBTC.
Coinbase has made cbBTC available to its customers in several countries, including Singapore, Australia, the UK, and the US. As of launch day, it has been integrated into significant DeFi platforms such as Jupiter Exchange, Meteora, Kamino Finance, and Raydium. This integration enhances liquidity and collateral opportunities for users in Solana’s DeFi applications.
Official Statements from Coinbase
Recently, a Coinbase representative stated, “cbBTC is our first token on Solana, and we are excited to provide easy access to BTC.”
Within a week, cbBTC climbed to third among wrapped Bitcoin assets. It has solidified its position in the market, surpassing long-standing competitors like Huobi BTC, HBTC, and renBTC.
The cbBTC offering by Coinbase creates new opportunities for many traders and investors. This token stands out by providing seamless usage across different networks. By processing cbBTC without using an order book or private trade pairs, Coinbase simplifies the user experience.
The combination of Solana’s fast and low-cost transactions with Bitcoin’s strength allows for the emergence of new financial products. Coinbase’s move aims to increase diversity and accessibility within the cryptocurrency ecosystem.
The launch of cbBTC by Coinbase is seen as a significant development in the cryptocurrency market. This move helps to boost interest in the Solana ecosystem, making it easier for users to access Bitcoin.
The post Coinbase Launches cbBTC, Enabling Bitcoin Use on Solana Blockchain appeared first on COINTURK NEWS.
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