- Coinbase Announces cbBTC at Breakpoint 2024
- cbBTC Launch on Various Platforms
- Sky Community Supports cbBTC
Coinbase has announced plans to launch its new wrapped bitcoin cbBTC on the Solana network at the Breakpoint 2024 event.
Coinbase Announces cbBTC at Breakpoint 2024
Coinbase's country director for Singapore, Hassan Ahmed, recently announced plans to bring Coinbase's new wrapped Bitcoin cbBTC to the Solana network. The announcement was made at the Breakpoint 2024 event. No date was specified for the launch of the Bitcoin token during the announcement. 'We recently launched cbBTC on base, but our users love Solana, and so do we. So we are very excited to announce that we will be bringing native cbBTC to Solana as well,' Ahmed told the audience.
cbBTC Launch on Various Platforms
Coinbase announced the launch of cbBTC on September 12 for customers in Singapore, Australia, the United Kingdom, and all states within the United States except New York. The wrapped Bitcoin asset was originally launched on the Ethereum and Base networks. Coinbase explained that cbBTC is backed at a 1:1 ratio with Bitcoin held by the centralized exchange, and there are no separate order books or trading pairs for cbBTC on the Coinbase platform. According to CryptoQuant, cbBTC has surged to become the third most popular wrapped Bitcoin product on the market, achieving this ranking in only seven days and outperforming competitors like Huobi BTC (HBTC) and renBTC (RENBTC), which have existed since 2020.
Sky Community Supports cbBTC
In the short time that cbBTC has been available, the digital asset has managed to attract the attention of notable players in the crypto space. On September 12, the team for the Sky lending and borrowing platform announced that they were seeking to remove Wrapped Bitcoin (WBTC) as a collateral asset due to perceived concerns that Tron founder Justin Sun was involved with the project. The Sky community pitched several alternatives to WBTC, including Coinbase's cbBTC, and on September 19, the Sky community voted overwhelmingly to remove WBTC from the ecosystem, with over 88% of respondents voting to eliminate WBTC from the platform.
Coinbase continues to expand the accessibility of its wrapped Bitcoin cbBTC by increasing its presence on new platforms and markets.
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