Coinbase Adds Native Support for Wrapped Bitcoin Token (cbBTC) on the Solana Blockchain

The announcement was made by Hassan Ahmed, Coinbase's Country Director for Singapore, during the Solana Breakpoint conference.

Coinbase is adding native support for its wrapped Bitcoin token (cbBTC) on the Solana blockchain, the exchange announced at the Solana Breakpoint conference.

Coinbase’s Country Director for Singapore, Hassan Ahmed, made the announcement during his appearance at the event.

“We recently launched cbBTC on Base, but our users love Solana, and so do we,” said Ahmed. “So we’re very excited to announce that we will be bringing native cbBTC on Solana as well.”

Coinbase’s cbBTC is a wrapped Bitcoin token that is fully backed by Bitcoin held in custody. It allows users to trade and use Bitcoin on programmable blockchains like Ethereum.

The addition of cbBTC to Solana could open up new possibilities for Coinbase users, who hold over $18 billion in Bitcoin on the platform.

The move comes amid increasing competition in the decentralized finance (DeFi) space for Bitcoin-backed tokens, with other players like BitGo and Stacks launching their own alternatives.

With its integration into Solana, cbBTC will gain access to the network’s $6.2 billion DeFi ecosystem, which spans an estimated three million daily active addresses.

Solana has been seeing a number of interesting integrations recently, with projects like Travala adding SOL-based assets to its travel platform. Users can now book flights and accommodations using assets like SOL and USDC.