Coinbase bringing cbBTC to Solana, says Southeast Asia lead
CryptoNewsTerminal Staff20 Sep, 2024
Coinbase bringing cbBTC to Solana, says Southeast Asia lead
Coinbase's Southeast Asia lead, Hassan Ahmed, announced at the Solana Breakpoint conference that Coinbase is planning to bring its wrapped Bitcoin token, cbBTC, to Solana. cbBTC is an ERC-20 token that is backed 1:1 by Bitcoin. It was launched in 2023 in order to make it easier to trade Bitcoin on decentralized exchanges. By bringing cbBTC to Solana, Coinbase is making it easier for users to access Bitcoin on a faster and cheaper blockchain. Solana is a high-performance blockchain that is designed for speed and scalability. It has become increasingly popular for DeFi and NFTs because of its low transaction fees. The addition of cbBTC to Solana is a major development for the ecosystem. It will make it easier for users to trade Bitcoin on decentralized exchanges and will help to increase the liquidity of the Bitcoin market.
