Sep 21, 08:43 AM

Coinbase to Launch cbBTC on Solana, Boosting $6.2 Billion DeFi Ecosystem

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.

#Coinbase #Bitcoin #Solana #Solana Breakpoint 2024 #Ethereum #Base #DeFi #Bitcoin DeFi #BitGo

Written with ChatGPT (GPT-4o).

Sources

Coin Bureau@coinbureau
2 years ago
Coinbase has announced that it will launch cbBTC on Solana. cbBTC is a wrapped version of BTC that can be easily minted and redeemed by Coinbase’s 100+ million users. Coinbase’s wrapped Bitcoin could significantly increase the total value locked in DeFi across supported chains.
BecauseBitcoin.com@BecauseBitcoin
2 years ago
[THE BLOCK] Coinbase announces plan to bring $cbBTC to Solana network $COIN $SOL
The Block@TheBlock__
2 years ago
Coinbase announces plan to bring cbBTC to Solana network https://t.co/7y0uNuq9qi

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