Coinbase has announced plans to bring its wrapped Bitcoin token, cbBTC, to the Solana blockchain. The announcement was made during the Solana Breakpoint 2024 event. cbBTC, which was initially launched on the Ethereum network and its layer-2 scaling network Base, aims to enhance DeFi activity on Solana. This integration will provide Solana’s $6.2 billion DeFi ecosystem with access to Bitcoin-backed assets, potentially increasing the total value locked in DeFi across supported chains. The move also intensifies competition in the Bitcoin DeFi space, where rivals like BitGo are also active. Coinbase’s wrapped Bitcoin could significantly impact its 100+ million users.