Coinbase Executive Announces Arrival of New Wrapped Bitcoin cbBTC on Solana
Coinbase, the prominent US-based cryptocurrency exchange, has announced that it will be bringing its wrapped version of Bitcoin, known as cbBTC, to the smart contract platform Solana. This announcement was made by Coinbase executive Hasan Ahmed during the Solana Breakpoint 2024 event. While Coinbase recently launched cbBTC on its Ethereum layer-2 solution called Base, the exchange recognizes the growing popularity of Solana and the enthusiasm from its users. Therefore, Coinbase is excited to introduce native cbBTC to the Solana blockchain.
The purpose of cbBTC is to provide BTC holders with access to decentralized finance (DeFi) protocols through the Base and Ethereum blockchains. It is an Ethereum-based token that is backed by Bitcoin. By using cbBTC, users can participate in various DeFi use cases, such as providing Bitcoin as liquidity to DeFi protocols or using it as collateral to borrow other cryptocurrencies.
Coinbase has ensured that cbBTC is compatible with several prominent DeFi protocols, including Aave, Curve Finance, and Compound Finance. This compatibility allows users to seamlessly engage with these protocols using their cbBTC holdings.
The market cap of cbBTC has seen a significant surge recently, reaching $171 million according to CoinGecko data. Just a few weeks ago, on September 16th, its market cap was only at $97 million. This growth reflects the increasing interest and demand for cbBTC in the market.
As for the current price of Bitcoin, the top crypto asset by market cap, it is trading at $63,718 at the time of writing, representing a 1.21% increase in the last 24 hours.
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