Coinbase Launches Wrapped Bitcoin on Solana Blockchain

Coinbase has introduced cbBTC, its wrapped Bitcoin token on the Solana blockchain. The cbBTC is an SPL asset that is pegged one-to-one with Bitcoin for value preservation.

Coinbase has already minted approximately 135 cbBTC (valued at about $10 million) and deployed it to kickstart the project's presence on Solana's network.

Several major Solana-based platforms, including Jupiter, Meteora, Kamino Finance, Raydium, Phoenix, Jito, and Drift have integrated cbBTC into their services. Among those, Kamino Finance plans to make it one of the biggest venues for cbBTC transactions in DeFi space.