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Coinbase surprised attendees at Breakpoint 2024 by announcing plans to roll out cbBTC wrapped Bitcoin on Solana, sparking immediate enthusiasm and positioning the asset for broader use across popular blockchain networks.
Coinbase surprised attendees at Breakpoint 2024 by announcing plans to roll out its cbBTC wrapped Bitcoin on Solana, sparking immediate enthusiasm and setting the stage for broader use of the asset across popular blockchain networks.
At the Breakpoint 2024 event, Hassan Ahmed, Coinbase's country director for Singapore, unveiled the plans to introduce Coinbase's new "cbBTC" - a wrapped Bitcoin asset - on the Solana network.
Coinbase to Launch cbBTC on Solana Network
The launch date of the Bitcoin token was not disclosed in the announcement. Ahmed told the audience, "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."
The announcement by the Coinbase executive was met with swift applause from attendees at the Solana conference, signaling a desire to obtain theاحة.
Coinbase Announces Wrapped Bitcoin for Solana at Breakpoint 2024
On September 12, Coinbase announced the launch of cbBTC for customers in Singapore, Australia, the U.K., and all U.S. states except New York, as reported by Cointelegraph.
The wrapped Bitcoin asset was initially launched on Ethereum and Base. Coinbase noted that the centralized exchange backs Bitcoin 1:1 with cbBTC and that Coinbase's platform does not feature separate order books or trading pairs for cbBTC.
cbBTC Surges in Crypto Market Popularity
According to CryptoQuant data, cbBTC has seen a remarkable surge in popularity, becoming the third most popular wrapped Bitcoin product in the industry.
Coinbase's cbBTC achieved this feat in just seven days, surpassing competitors like renBTC (RENBTC) and Huobi BTC (HBTC), both of which have been in the market since 2020.
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