Coinbase Expands Wrapped Bitcoin to Solana Amid Growing Demand for cbBTC

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Coinbase announced plans to launch its new wrapped Bitcoin asset, cbBTC, on the Solana network. The announcement was made by Hassan Ahmed, Coinbase’s country director for Singapore, at the Breakpoint 2024 event. It marks a significant expansion of Coinbase’s offering, which already includes cbBTC on Ethereum and Base networks.

Although a specific launch date for cbBTC on Solana was not disclosed, the announcement was met with enthusiasm from the Solana community, signaling strong demand for Bitcoin-backed assets on the network. Ahmed emphasized Coinbase’s commitment to Solana, stating, “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.”

cbBTC Gains Rapid Popularity

Coinbase initially launched cbBTC on September 12 for customers in Singapore, Australia, the United Kingdom, and most U.S. states, except New York. The wrapped Bitcoin asset is backed 1:1 by Bitcoin held by Coinbase, and its launch on Ethereum and Base networks quickly attracted attention.

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In just seven days, cbBTC became the third most popular wrapped Bitcoin product on the market, surpassing long-standing competitors such as Huobi BTC (HBTC) and renBTC (RENBTC), according to data from CryptoQuant.

Unlike traditional trading pairs, cbBTC does not have dedicated order books on the Coinbase platform. Instead, it offers Bitcoin holders an efficient way to participate in the Ethereum ecosystem without converting their assets. The upcoming launch on Solana is expected to further broaden access to DeFi and other decentralized applications (dApps) for Bitcoin holders.

Solana and cbBTC: A Growing Partnership

The expansion of cbBTC to Solana is part of Coinbase’s broader strategy to meet the growing demands of crypto traders seeking flexibility across multiple blockchains. Solana, known for its high-speed transactions and low fees, is a favored network for decentralized applications.

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Coinbase’s move also aligns with the recent decision by the Sky community to remove Wrapped Bitcoin (WBTC) as a collateral asset due to concerns about its connections to Tron founder Justin Sun. On September 19, the Sky community overwhelmingly voted to eliminate WBTC, with 88% of respondents favoring alternatives like Coinbase’s cbBTC.

As cbBTC continues to gain traction, its integration with Solana is poised to offer users more seamless access to DeFi, solidifying its position as a leading wrapped Bitcoin product in the market.