Coinbase launches first Bitcoin on Solana blockchain 
$75,017 Announced cbBTC, its backed token. The newly created SPL token is backed in Bitcoin at a 1:1 ratio by Coinbase’s reserves. This token allows users to hold Bitcoin on the Solana network.
Features and Integration of cbBTC
cbBTC was launched with the aim of increasing access to Bitcoin in Solana’s fast-growing DeFi ecosystem. Backed by Coinbase, this token joins other wrapped Bitcoin alternatives available on Solana. tBTC expands the Bitcoin alternative on Solana, with assets such as WBTC via Wormhole and soon-to-be listed zBTC and sBTC.
Coinbase has made cbBTC available to customers in many countries, including Singapore, Australia, the UK and the US. As of the first day, it was integrated into important DeFi platforms such as Jupiter Exchange, Meteora, Kamino Finance and Raydium. This integration increases liquidity and collateral opportunities for users across Solana’s DeFi applications.
Official Statements of Coinbase
“cbBTC is Coinbase’s first token on Solana, and we are excited to provide easy access to BTC,” a Coinbase representative said in a recent statement.
cbBTC rose to third place among wrapped Bitcoin assets in a week. Huobi BTC has strengthened its position in the market by leaving behind its long-standing competitors such as HBTC and renBTC.
cbBTC offered by Coinbase on Solana creates new opportunities for many investors and traders. This token stands out with its uninterrupted use on different networks. Coinbase simplifies the user experience by processing cbBTC without using order books or custom trading pairs.
Solana’s fast and low-cost transactions, combined with the power of Bitcoin, enable the emergence of new financial products. This step by Coinbase aims to increase diversity and accessibility in the crypto ecosystem.
Coinbase’s cbBTC launch is considered a significant development in the cryptocurrency market. This move increases interest in the Solana ecosystem, helping users gain easier access to Bitcoin.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
