2024-09-22
Coinbase Assets 🛡️ on X: "cbBTC on Solana. Coming soon"
On September 21, 2024, Coinbase has
announced plans to expand its wrapped Bitcoin product, cbBTC, to the Solana
blockchain. This move aims to enhance the utility of Bitcoin in decentralized
finance (DeFi) applications on Solana, known for its fast transaction speeds
and low fees.
The integration of cbBTC with Solana is
expected to open new opportunities for Bitcoin holders to participate in
Solana’s growing DeFi ecosystem.
Coinbase's cbBTC is a form of
tokenized Bitcoin that represents Bitcoin (BTC) held in custody by Coinbase.
It is a wrapped asset, designed
to provide users with a liquid and usable version of Bitcoin on blockchain
platforms that support smart contracts, such as Ethereum, Base, or Solana.
Coinbase’s cbBTC is backed 1:1 by
Bitcoin ensuring that users can seamlessly convert between Bitcoin and cbBTC.
Bitcoin itself doesn't natively support
DeFi applications, smart contracts, or other features found on blockchains like
Ethereum.
Tokenized Bitcoin assets like cbBTC
allow users to interact with decentralized applications (dApps), decentralized
finance (DeFi) platforms on blockchains that support smart contracts.
