Coinbase, the largest cryptocurrency exchange in the United States, announced the release of its wrapped Bitcoin token, cbBTC, on the Solana blockchain.
The token is designed to be an SPL asset linked to Bitcoin for reliable value preservation. At the time of writing, Coinbase had already issued approximately 135 cbBTC (worth approximately $10 million) and deployed it in order to revive the project’s presence on Solana’s network.
Major Solana-based platforms including Jupiter, Meteora, Kamino Finance, Raydium, Phoenix, Jito, and Drift have already integrated cbBTC into their services. Among these, Kamino Finance noted ambitious plans to make it one of the largest cbBTC trading venues in the entire DeFi space.
This development places Coinbase’s cbBTC into an already growing list of Threshold’s tBTC, Zeus Network’s zBTC, and Wormhole’s WBTC, creating broader options for users to research Bitcoin’s use in DeFi applications.
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