Coinbase plans to launch its wrapped Bitcoin product cbBTC on the Solana network. This was disclosed by Coinbase's country director for Singapore, Hassan Ahmed, at the Solana Breakpoint event.
cbBTC Launch on Solana
Hassan Ahmed noted that despite initially launching cbBTC on Base and Ethereum, Coinbase is considering an expansion to Solana due to its users' preference for the network. He added that the decision was made out of love for Solana from both users and the company. With this move, cbBTC will join other wrapped Bitcoins that have launched or are planning to launch on the Solana network. Recently, the Bitcoin layer-2 network Stacks announced that it would launch its tokenized synthetic Bitcoin on Solana.
cbBTC Transaction Activity
The integration of cbBTC on Solana is expected to boost the newly launched wrapped Bitcoin. Just a week after its launch on two networks, cbBTC already has a supply of $124.27 million and a transaction volume of $606.95 million in the last 24 hours. However, cbBTC still has a long way to go compared to the BitGo-wrapped Bitcoin WBTC, which dominates with 96.6% of the wrapped Bitcoin market on Ethereum, nearly $10 billion.
SOL Price Increase
While Coinbase did not provide a specific timeline for the launch of cbBTC on Solana, the news has added positive momentum to the network. Thanks to the Breakpoint conference, the Solana (SOL) token has risen by more than 8% over the last seven days and is currently trading at around $148. New integrations and products announced at the event are expected to launch in the coming months.
The launch of cbBTC on Solana could significantly boost the liquidity of the network's decentralized applications (dApps) and attract new users. However, Solana's future success will depend on the timely integration of new products and applications.
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