- Coinbase continues Bitcoin development with its cbBTC
- They announced the preparing to launch cbBTC on Solana
- Exact dates and details of the launch are not yet available
We’ve already talked about what a fundamental step Coinbase has made with its cbBTC, and it looks like the march continues.
At the Solana Breakpoint conference, Coinbase announced that their cbBTC will be brought to Solana to expand the use of Bitcoin in the rapidly growing Solana DeFi ecosystem.
While Coinbase has not yet given a specific timeline for when they will launch the solution, the official announcement of the upcoming integration makes it clear that the strategic expansion of cbBTC is underway.
Features of Coinbase and Solana Partnership
Coinbase Wrapped BTC (cbBTC) is a 1:1 Bitcoin-backed ERC-20 token backed by Base and Ethereum networks.
This is one initiative to take Bitcoin out of its closed ecosystem and expand its presence and capabilities to other blockchain networks.
Now we see this initiative evolving, continuing to expand Bitcoin’s functionality through interoperability with other blockchains and their DeFi ecosystems.
Hassan Ahmed of Coinbase Singapore made a correspondingly optimistic announcement at the Solana Breakpoint conference:
Hassan Ahmed of Coinbase Singapore said in a statement during the Solana Breakpoint conference:
“Our users love Solana, and so do we. We’re very excited to announce that we will be bringing cbBTC to Solana.”
Coinbase has yet to provide specific launch dates, as well as details regarding supported protocols and other technical details.
Nevertheless, his statement was expected, but still very welcome for many, and makes us seriously expect further announcements.
Conclusion
Solana as a leader in the development of the DeFi ecosystem after Ethereum, but providing even faster and cheaper transactions – is actively growing, and serves as a more than logical next step for cbBTC.
The partnership of such key players in the crypto sector should have a very serious impact on its development, and the launch of this should greatly expand the opportunities for a huge number of investors.
We’ll be waiting for further details, stay tuned.
