- Coinbase is bringing wrapped Bitcoin (cbBTC) to the Solana community.
- The change’s cbBTC launch fuels competitors in Bitcoin DeFi area.
- Travala integrates Solana, enabling bookings with SOL and USDC.
Coinbase revealed that it could be including native support for its wrapped Bitcoin token, cbBTC, on the Solana blockchain.
The announcement was made by Hassan Ahmed, Coinbase’s Nation Director for Singapore, in the course of the Solana Breakpoint convention.
“We not too long ago launched cbBTC on Base, however our customers love Solana, and so can we. So we’re very excited to announce that we are going to be bringing native cbBTC on Solana as properly,” mentioned Ahmed.
Coinbase’s cbBTC, which is absolutely backed by Bitcoin held in custody, permits customers to commerce and use Bitcoin on programmable blockchains like Ethereum.
This might unlock new alternatives for Coinbase customers, who maintain over $18 billion price of Bitcoin on the platform.
The addition comes amid rising competitors within the DeFi area for Bitcoin-backed tokens, with rivals like BitGo and Stacks launching their very own alternate options.
With its integration into Solana, cbBTC opens entry to the network’s $6.2 billion DeFi ecosystem throughout an estimated three million daily active addresses.
Solana has been gaining floor not too long ago, with tasks like Travala integrating SOL-based property into its journey platform.
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Customers will now have the ability to e-book flights and lodging utilizing property like SOL and USDC.