The post Coinbase cbBTC prepares for Solana integration amid growing demand appeared on BitcoinEthereumNews.com.

Coinbase’s wrapped Bitcoin product, cbBTC, will soon launch on the Solana network. The exchange country director for Singapore, Hassan Ahmed, disclosed this at the Solana Breakpoint event. According to Hassan, although Coinbase initially launched cbBTC on Base and Ethereum, the exchange is also considering an expansion to Solana because several of its users love the network. He said: “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 bringing native cbBTC to Solana as well.” With the move, cbBTC will join the other wrapped Bitcoins that have launched or are considering launching on the Solana network. Less than 24 hours ago, Bitcoin layer-2 network Stacks also revealed that it will integrate its tokenized synthetic Bitcoin (sBTC) into Solana. While cbBTC is a centralized version of wrapped Bitcoin, as opposed to sBTC, which is decentralized, the two serve the same purpose by allowing the use of Bitcoin on a programmable network such as Solana. Integrating these wrapped Bitcoin alternatives could boost available liquidity for Solana decentralized applications (dApps) as it allows Bitcoin holders to participate in the DeFi ecosystem on the network. cbBTC sees massive transaction activity as supply keeps increasing Meanwhile, integrating cbBTC on Solana could be a major boost for the newly launched wrapped Bitcoin. Although it has only been around for a week and on two networks, it already has a supply of $124.27 million, and transaction volume in the last 24 hours stands at $606.95 million, showing that it is being used massively. Coinbase cbBTC Supply (Source: Dune Analytics) However, cbBTC still has a long way to go compared to the BitGo-wrapped Bitcoin WBTC, which is the biggest by all metrics. WBTC accounts for 96.6% of wrapped Bitcoin supply on Ethereum, with…

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Filed under: News - @ September 21, 2024 9:17 pm