- Coinbase has deployed its very first token – cbBTC on the Solana ecosystem.
- The token is aimed at improving Bitcoin accessibility and enhancing DeFi adoption.
The crypto market has progressed further in its bullish movements, with Bitcoin steadying at the $75K level. Meanwhile, the community has begun speculating on new regulatory leadership and other changes that would follow suit after the US elections. Amid this spur of activity, Coinbase has deployed its very first token on Solana.
The US-based cryptocurrency exchange announced on X that it has launched a wrapped BTC token – the cbBTC, an SPL token. cbBTC is backed by Bitcoin in a 1:1 ratio, for which the Bitcoins will be held in Coinbase custody, as stated by the exchange.
Moreover, the wrapped BTC is currently trading at a price of $76,441, with Coinbase having deployed 135.58 of the cbBTC. Additionally, the digital asset has already seen a transfer volume of $4.04 million, according to Solscan data.
Coinbase had announced its plans to launch a wrapped BTC previously during the Breakpoint 2024 event in September. The exchange, through the launch of this new digital asset, discussed plans to improve user accessibility to Bitcoin.
How has Coinbase Launched the Wrapped Bitcoin?
The crypto exchange plans to enhance the adoption of Bitcoin within the DeFi sector. Some of its partners include Jupiter Exchange, Raydium Protocol, and Phoenix Trade. The digital asset is also deployed in Kamino Finance, which stated that the cbBTC is set to become a flagship asset on Solana.
Coinbase recently announced the launch of a new engineering hub in Singapore. This hub is expected to support the local developers’ ecosystem. Furthermore, the crypto exchange drew market attention when it revealed the FDIC’s restricting crypto access in banks.
Meanwhile, the crypto exchange is also one among the firms that have been battling regulatory issues through the SEC lawsuit. Recently, on October 29, Coinbase demanded an apology from the SEC for the regulator’s frivolous cases.
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