Prime US-based crypto alternate Coinbase says its wrapped model of Bitcoin (BTC) is coming to the sensible contract platform Solana (SOL).
In a session through the Solana Breakpoint 2024 occasion, Coinbase govt Hasan Ahmed says the crypto alternate is introducing Coinbase Wrapped Bitcoin (cbBTC) to the Ethereum (ETH) competitor’s blockchain.
“We not too long ago launched cbBTC on Base, however our customers love Solana and so can we, so we’re very excited to announce that we are going to be bringing native cbBTC to Solana as properly.”
Base is Coinbase’s Ethereum layer-2 resolution designed to permit builders to construct functions with out getting slowed down by excessive fuel charges.
Earlier this month, Coinbase launched cbBTC, an Ethereum-based token backed by Bitcoin that offers BTC holders entry to decentralized finance (DeFi) protocols by way of the Base and Ethereum blockchains.
“cbBTC is constructed to be seamlessly suitable with DeFi functions, so customers can now faucet into novel DeFi use circumstances like offering their Bitcoin as liquidity to DeFi protocols, or utilizing it as collateral to borrow different crypto property.”
On the time, Coinbase stated cbBTC could be suitable with many outstanding DeFi protocols, together with Aave (AAVE), Curve Finance (CRV), and Compound Finance (COMP).
Just lately, the market cap of cbBTC has surged to $171 million, in response to knowledge from CoinGecko. On September sixteenth, it was simply at $97 million.
The highest crypto asset by market cap is buying and selling for $63,718 at time of writing, a 1.21% enhance over the past 24 hours.
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