Coinbase confirms plans to bring cbBTC to Solana

Share this article

Coinbase has confirmed plans to extend its packaged Bitcoin token cbBTC to the Solana blockchain. This move follows the successful launch of cbBTC on the Ethereum and Base networks just days before.

“Our users love Solana, and so do we. We are very excited to announce that we will be bringing cbBTC to Solana,” Hassan Ahmed of Coinbase Singapore said in a statement during the Solana Breakpoint conference.

Bitcoin 🤝 Solana

Just from Breakpoint: @Hassan_NY announced that @coinbase plans to bring cbBTC to Solana! pic.twitter.com/e1UdoUDgbY

— Solana (@solana) September 21, 2024

Coinbase Wrapped BTC (cbBTC) is an ERC-20 token backed 1:1 by Bitcoin held in Coinbase custody. The token aims to increase the utility and economic freedom of Bitcoin by allowing Coinbase customers to seamlessly access decentralized finance (DeFi) applications using their existing Bitcoin holdings.

When initially launched, cbBTC was supported on Base and Ethereum, with Coinbase expressing intentions to expand to additional blockchain networks. The planned integration with Solana makes this expansion strategy a reality.

The move to bring cbBTC to Solana could boost DeFi activity on the high-performance blockchain. Known for its fast transaction speeds and low fees, Solana can provide an attractive environment for Bitcoin holders looking to engage with DeFi protocols.

For Coinbase users, cbBTC acts as a bridge between Bitcoin and other blockchain ecosystems. When a user sends BTC to a supported blockchain address, it is automatically converted to cbBTC at a 1:1 ratio. Similarly, received cbBTC is converted back to BTC in users’ Coinbase accounts.

The expansion of cbBTC to Solana could open up new opportunities for Bitcoin holders to participate in Solana’s growing DeFi ecosystem. However, Coinbase has yet to provide a specific timeline for Solana integration or details on which Solana-based DeFi protocols might accept cbBTC at launch.

Share this article