Coinbase is preparing to bring its cbBTC token to the Solana blockchain, as announced by Hassan Ahmed, the company’s Country Director for Singapore. This exciting update was shared during the Solana Breakpoint 2024 event held in Singapore on Saturday.
Ahmed highlighted that while cbBTC was recently launched on the Base network, many users are fans of Solana, and so is Coinbase. However, he failed to give the exact time when cbBTC would be on the Solana network.
cbBTC is Coinbase’s latest product, launched just last week. It is basically a wrapped Bitcoin token. The company introduced cbBTC simultaneously on the Ethereum and Base networks.
This ERC-20 token is backed at a 1:1 ratio by Bitcoin, which Coinbase holds. It is ideal for users who want to provide liquidity for decentralized finance (DeFi) protocols on Ethereum and Base. This can also be used as security for other assets. The launch arose after a change in the circulation of the competing token WBTC’s ownership.
cbBTC Overtakes Competitors Like Huobi BTC and renBTC
At present, cbBTC has a market capitalization of approximately $137 million based on CoinGecko data. The token was launched on September 12, and customers from Singapore, Australia, the United Kingdom, and all states of the USA except New York are allowed to use the token.
However, users need to understand that cbBTC does not have different trade books or individual trading pairs on Coinbase. WBTC is not given monetary support outside of the Bitcoin used by the exchange it represents to interact with the asset directly.
Data obtained from CryptoQuant revealed that market adoption of cbBTC spiked sharply to become the third most popular wrapped Bitcoin product in seven days. It has overthrown traditional competitors such as Huobi BTC or HBTC and renBTC (RENBTC), which began in 2020.
Currently, Coinbase is focused on cbBTC’s expansion across more blockchain networks to provide users with even more wrapped Bitcoin access. As the nature of cryptocurrencies changes, Coinbase also progresses, satisfying customers with different needs and improving the trading experience as a whole.
