Coinbase, the leading US-based cryptocurrency exchange, announces that its wrapped version of Bitcoin (BTC) is coming to the smart contract platform Solana (SOL).
During a session at the Solana Breakpoint 2024 event, Coinbase CEO Hasan Ahmed said the cryptocurrency exchange is introducing Coinbase Wrapped Bitcoin (cbBTC) to the Ethereum (ETH) competitor’s blockchain.
“We recently launched cbBTC on Base, but our users love Solana and so do we, so we are very excited to announce that we will be bringing native cbBTC to Solana as well.”
Base is Coinbase’s Layer 2 Ethereum solution designed to allow developers to build applications without getting bogged down by high gas fees.
Earlier this month, Coinbase launched cbBTC, a Bitcoin-backed Ethereum-based token that gives BTC holders access to decentralized finance (DeFi) protocols via the Base and Ethereum blockchains.
“cbBTC is designed to be seamlessly compatible with DeFi applications, so users can now leverage new DeFi use cases, such as providing their Bitcoin as liquidity to DeFi protocols, or using it as collateral to borrow other crypto assets.”
At the time, Coinbase said that cbBTC would be compatible with many major DeFi protocols, including Aave (AAVE), Curve Finance (CRV), and Compound Finance (COMP).
Recently, the cbBTC market cap has surged to $171 million, according to data from CoinGecko. On September 16, it was only $97 million.
The largest crypto asset by market cap is trading at $63,718 at the time of writing, up 1.21% in the last 24 hours.
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