Coinbase Unveils Wrapped Bitcoin cbBTC With Solana DeFi Integrations

[8/11/2024]
Coinbase, sàn giao dịch tiền điện tử lớn nhất tại Hoa Kỳ, đã công bố phát hành token Bitcoin được đóng gói, cbBTC, trên blockchain Solana.

Coinbase, the largest cryptocurrency exchange in the United States, announced the release of its wrapped Bitcoin token , cbBTC, on the Solana blockchain. The token is designed to be a one-to-one SPL asset on Bitcoin for reliable value preservation. At the time of writing this article, Coinbase already minted around 135 cbBTC and had deployed them to launch the project's presence on the Solana network. Major Solana-based platforms including Jupiter, Meteora, Finance, Raydium, Phoenix, Jito, and Drift have already integrated into their services. Among these, Kamino Finance noted ambitious plans to make it one of the largest trading venues in the entire DeFi space.

This development places cbBTC from Coinbase in an already growing list of Threshold's tBTC, Zeus Network's zBTC, and Wormhole's WBTC—creating wider options for users to seek Bitcoin's utilization in DeFi applications.

The launch follows cbBTC's phenomenal growth since it went live in September, with its market capitalization currently over $1 billion. The figure, though representative of immense strides taken by the project, still remains a far cry from BitGo’s Wrapped Bitcoin (WBTC) which boasts an $11 billion market cap across different networks.

Sophie Nguyen