As a seasoned researcher with years of experience delving into the intricacies of the cryptocurrency world, I must say that Coinbase’s introduction of cbBTC is nothing short of groundbreaking. My personal journey began when I first discovered Bitcoin back in 2010, and seeing it now accessible on Solana through this innovative token is a testament to the rapid evolution of blockchain technology.
Coinbase has unveiled cbBTC, which marks the debut of a Bitcoin-linked token built on the Solana network. This newly created SPL token is fully backed by an equivalent amount of Bitcoin and securely stored in Coinbase’s custody. It offers users a straightforward method to interact directly with Bitcoin using the Solana blockchain.
As a researcher, I’m excited about the recent announcement regarding cbBTC by Coinbase. This innovative solution leverages Solana’s lightning-fast network to harness the might of Bitcoin, thereby extending its reach to a global community of decentralized app developers and traders.
Bitcoin Now Accessible on Solana with Coinbase’s cbBTC
Coinbase has formally debuted cbBTC on the Solana blockchain to expand access to Bitcoin within Solana’s rapidly expanding DeFi community. cbBTC, distributed as a token compliant with Solana Program Library (SPL), is directly backed at a 1:1 ratio by Bitcoin held by Coinbase.
cbBTC is live on @solana.
cbBTC is an SPL token that is backed 1:1 by Bitcoin (BTC) held in custody by Coinbase.
Here’s a first-time token from Coinbase on the Solana network, which we’re thrilled to use as a gateway for simple Bitcoin access.
Here’s what you can do with your cbBTC on day one ↓
— Coinbase (@coinbase) November 7, 2024
In simple terms, the new addition will be part of a diverse collection of Bitcoin wrapping solutions available on the chain. For instance, tBTC, WBTC through Wormhole, and soon-to-be-listed zBTC and sBTC are already options. This expansion enhances the range of Bitcoin services offered on Solana.
On day one, it was introduced to prominent DeFi platforms like Jupiter Exchange, Meteora, Kamino Finance, Jito Sol, PhoenixTrade, DriftProtocol, Raydium, Orca, Save Finance, ManifestTrade, and Loopscale Labs. These platforms also offer users a wide range of liquidity and collateral options similar to those found on Solana’s DeFi applications.
For now, it seems like Solana’s (SOL) price is gearing up for an increase, with bullish energy building momentum. This has pushed the cryptocurrency to a peak not seen in three months. Some analysts believe it might soon climb to $300 and potentially outperform the BNB token.
cbBTC Making Inroads in Global Crypto Markets
Starting September 12th, Coinbase rolled out their cbBTC service to customers residing in Singapore, Australia, the United Kingdom, and the U.S., excluding New York. This new product is Coinbase’s wrapped Bitcoin offering, initially accessible on Ethereum and Base. It maintains a 1:1 value with Bitcoin and is securely stored within Coinbase’s custody.
Another significant point to note is that cbBTC won’t rely on traditional order books or have trading pairs specifically for it inside the Coinbase system. Instead, it can easily function across various blockchains due to this setup.
As reported by CryptoQuant, within a single week, cbBTC has moved into third place among the most popular wrapped Bitcoin assets. This token surpassed established competitors like Huobi BTC, HBTC, and renBTC (including RENBTC) to regain ground in the wrapped Bitcoin market that it had previously lost.
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2024-11-07 21:20