The Coinbase exchange platform recently offered its “Wrapped” Bitcoin, cbBTC. And it has big ambitions for its token, since it could soon land on Solana (SOL). What do we know so far?
Coinbase cbBTC coming to Solana soon?
Launched 10 days ago, Solana's cbBTC is already making headlines. As a reminder, it is a “Wrapped token”. It allows Bitcoin (BTC) to be represented on Ethereum (ETH). So it's a way to bring the liquidity of the largest cryptocurrency to the decentralized finance (DeFi) sector..
Currently, cbBTC is launched on Coinbase's layer 2: Base, as well as Ethereum. But it will soon arrive on Solana, according to a communication from the companyThe news was shared at the Solana Breakpoint conference, which took place this weekend.
💡 Find our explanatory sheet to understand everything about “Wrapped” tokens
Coinbase Singapore Head Hassan Ahmed shared his excitement on the occasion:
“We recently launched cbBTC on Base, but our users love Solana, and so do we.»
Since its launch, it has been known that cbBTC was destined to exist on other blockchains. However, the exact date of its arrival on Solana is not yet known. nor any other blockchains that have been selected.
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Base and cbBTC: future major drivers of DeFi?
Coinbase has been positioning itself in the DeFi sector in recent months. Its “layer 2”, Base, is particularly used at the momentThe volume of transactions has indeed exploded in recent weeks, reaching a record 4.6 million in one day.
At this point, Coinbase's cbBTC has a market cap of $170 million. This is significantly less than the historic Wrapped Bitcoin, WBTC, which has a capitalization of $9.6 billion..
🌐 Also in the news – What are the big announcements of Solana Breakpoint? – Here are the details
But Coinbase's token is still in its infancy, and it has the full weight of the U.S. exchange platform to grow. So it's possible that it could become a DeFi heavyweight in the coming months..
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Source: Solana Breakpoint
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A journalist at Cryptoast since 2017, I am passionate about the issues of decentralization, privacy and regulation. I specialize in traditional economics and finance, analyzing how news from this sector influences the cryptocurrency sector, offering a unique and informed perspective to Cryptoast readers.
Marine Debelloir
3145 articles
