US-based crypto exchange Coinbase says the wrapped version of Bitcoin (BTC) is coming to smart contract platform Solana (SOL).
In a session during the Solana Breakpoint 2024 event, Coinbase CEO Hasan Ahmed said say the crypto exchange is introducing Coinbase Wrapped Bitcoin (cbBTC) to its 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 also be bringing native cbBTC to Solana.”
Base is Coinbase’s Ethereum layer-2 solution, designed to enable developers to build applications without being bogged down by high gas costs.
Earlier this month, Coinbase launched cbBTC, an Ethereum-based token backed by Bitcoin that gives BTC holders access to decentralized finance (DeFi) protocols via the Base and Ethereum blockchains.
“cbBTC is built 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 cbBTC would be compatible with many prominent DeFi protocols, including Aave (AAVE), Curve Finance (CRV), and Compound Finance (COMP).
Recently, cbBTC’s market capitalization has increased rose to $171 million, according to CoinGecko data. By September 16, it was down to $97 million.
The top crypto asset by market cap is trading at $63,718 at the time of writing, up 1.21% over the past 24 hours.
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Generated image: Midjourney