You are here: Home/ News/ Coinbase Unveils Wrapped Bitcoin (cbBTC) Integration on Solana Network
- Coinbase strategies to incorporate its covered Bitcoin item, cbBTC, onto the Solana network, boosting DeFi choices.
- cbBTC rapidly acquired appeal, ranking as the 3rd most-used covered Bitcoin item within a week.
- The Sky neighborhood voted extremely to eliminate Wrapped Bitcoin (WBTC) as a collateralized possession, preferring options like cbBTC.
The Solana blockchain is set to substantially boost its position in Decentralized Finance (DeFi). At the current Breakpoint 2024 conference, Coinbase, a leading cryptocurrency exchange, exposed strategies to incorporate its covered Bitcoin item, cbBTC, into the Solana network.
Coinbase s choice represents a tactical relocation focused on offering users with increased versatility and choices for utilizing Bitcoin in the DeFi sector. A particular launch date for cbBTC on Solana has actually not been revealed, Hassan Ahmed, Coinbase s Country Director for Singapore, communicated the business s enjoyment about this combination.
We just recently introduced cbBTC on Base, however our users enjoy Solana, therefore do we. We are really thrilled to reveal that we will be bringing native cbBTC to Solana as well, Ahmed specified throughout his discussion at Breakpoint. The audience, mainly Solana lovers, reacted favorably, showing the increasing need for collateralized Bitcoin possessions within the Solana environment.
Source: CABANA Coinbase s cbBTC Gains Rapid Traction
On September 12th, Coinbase introduced cbBTC to serve users in Singapore, Australia, the United Kingdom, and all U.S. states other than New York. cbBTC s highlight is its ability to represent Bitcoin on programmable blockchains, such as Ethereum and Base, while completely backed by Bitcoin kept in Coinbase s custody at a 1:1 ratio. This gets rid of the requirement for different order books or trading sets for cbBTC on the Coinbase platform.
Considering that its launch, cbBTC has actually rapidly acquired traction. Information from CryptoQuant reveals that within simply 7 days, cbBTC ended up being the 3rd most popular covered Bitcoin item. This fast success exceeds recognized competitors such as Huobi BTC (HBTC) and renBTC (RENBTC), both of which have actually been offered given that 2020.
The speedy adoption of cbBTC has actually drawn interest from substantial gamers in the DeFi sector. On September 12th, the Sky group, a popular financing and loaning platform previously referred to as MakerDAO, recommended getting rid of Wrapped Bitcoin (WBTC) as a security property. This choice occurred from issues surrounding the supposed participation of Tron creator Justin Sun with the job.
The Sky neighborhood checked out different options to WBTC, consisting of both centralized and decentralized tokenized Bitcoin items, with Coinbase s cbBTC and Threshold s tBTC being popular competitors. On September 19th, the neighborhood voted decisively, with over 88% supporting the elimination of WBTC from their platform.
Coinbase s choice to incorporate cbBTC onto Solana symbolizes a turning point for both platforms. Solana gain from getting a vital covered Bitcoin property, improving its DeFi offerings, while Coinbase expands its scope, reacting to the increasing need for covered Bitcoin services in the Solana community.
