CoinWorld reported:
The leading U.S. cryptocurrency exchange, Coinbase, has announced that its wrapped version of Bitcoin (BTC) is set to launch on the smart contract platform Solana (SOL).
During a session at the Solana Breakpoint 2024 event, Coinbase executive Hasan Ahmed stated that the cryptocurrency exchange is bringing Coinbase Wrapped Bitcoin (cbBTC) to the blockchain of its Ethereum (ETH) competitor.
“We recently launched cbBTC on Base, but our users love Solana, and we do too, so we’re excited to announce that we will also bring native cbBTC to Solana.” Base is Coinbase’s Ethereum Layer 2 solution designed to enable developers to build applications without being hindered by high gas fees.
Earlier this month, Coinbase launched cbBTC, a Bitcoin-backed token based on Ethereum, allowing BTC holders to access decentralized finance (DeFi) protocols through the Base and Ethereum blockchains.
“cbBTC is designed to be seamlessly compatible with DeFi applications, enabling users to leverage new DeFi use cases, such as using Bitcoin as liquidity for DeFi protocols or as collateral to borrow other crypto assets.”
At that time, Coinbase indicated that cbBTC would be compatible with numerous prominent DeFi protocols, including Aave (AAVE), Curve Finance (CRV), and Compound Finance (COMP).
Recently, the market capitalization of cbBTC has surged, with CoinGecko reporting it has reached $171 million, up from $97 million on September 16.
As of this writing, the market’s top cryptocurrency is trading at $63,718, marking a 1.21% increase in the past 24 hours.
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