Coinbase is planning to introduce its cbBTC token to the Solana blockchain, according to Hassan Ahmed, the company’s Country Director of Singapore.
Speaking at the Solana Breakpoint 2024 event in Singapore, Ahmed highlighted Solana’s popularity among users but did not provide a specific timeline for cbBTC’s availability on the network.
Coinbase recently launched cbBTC, its version of wrapped Bitcoin, on Ethereum and Base networks after teasing the token in August. The ERC-20 token, backed 1:1 by Bitcoin held by Coinbase, allows users to provide Bitcoin liquidity to DeFi protocols or use it as collateral. Coinbase’s decision to roll out cbBTC comes in response to changes in the ownership of competitor token WBTC. The current market capitalization of cbBTC stands at around $137 million, according to CoinGecko.
During the event, Ahmed also praised Jump Crypto’s work on the Firedancer validator client for Solana, calling it a significant step toward improving blockchain decentralization.
Firedancer, alongside the Agave client, aims to enhance Solana’s efficiency by running a dual validator system. Firedancer is currently in testing, with its prototype, Frankendancer, already active on Solana’s mainnet. However, the full Firedancer client is not yet ready for production use.
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