In September, Coinbase unveiled cbBTC, a wrapped model of Bitcoin that enabled customers to make the most of their Bitcoin holdings in decentralized finance (DeFi) functions on Ethereum and Base with out promoting or changing to different cryptocurrencies. Among the hottest DeFi platforms that can help cbBTC from the beginning embody well-known names like Uniswap, Aave, Compound, and Curve.
One of many key advantages of cbBTC is its 1:1 backing by Bitcoin held in custody by Coinbase. By wrapping Bitcoin and bridging it to extra blockchain networks, Coinbase goals to create a extra interconnected monetary ecosystem that may speed up the adoption of Bitcoin throughout numerous DeFi platforms.
Bitcoin customers can now present liquidity, take part in lending, and even borrow in opposition to their Bitcoin by way of these platforms. Along with DeFi, cbBTC is predicted to help cross-chain swaps, oracles, and real-world asset protocols, additional broadening its potential use circumstances.
For Coinbase customers, changing Bitcoin to cbBTC is easy. When customers ship their Bitcoin from Coinbase to a Base or Ethereum deal with, the system mechanically converts it to cbBTC on a 1:1 foundation. Equally, when customers obtain cbBTC of their Coinbase account, it’s immediately transformed again to Bitcoin.
At launch, cbBTC grew to become accessible to customers in areas such because the U.S., UK, EEA states, Singapore, Australia, and Brazil, with international accessibility on Base and Ethereum networks.
Nicely, yesterday, in a submit on X, Coinbase introduced the launch of cbBTC on Solana. It has already transferred roughly $10 million price of cbBTC to the Solana community, in keeping with knowledge from Solscan. Coinbase’s wrapped Bitcoin has collected over $1 billion in market capitalization, although it nonetheless trails behind the industry-standard BitGo’s WBTC, which holds $11 billion in market cap and spans a number of networks.
Trump’s victory within the 2024 U.S. presidential election has introduced hopes that below his administration, the U.S. SEC might be much more crypto-friendly and due to this fact elevated within the minds of many within the crypto group the percentages of approval for a US-listed spot Solana ETF.
Yesterday’s announcement elevated the joy round Solana, seemingly serving to the SOL value break above $200 for the primary time since April 2. On the time of writing (8:50 a.m. UTC on November 8), SOL is buying and selling at round $202.34, up 7.5% up to now 24-hour interval.