Coinbase's cbBTC Expands to Robinhood Chain via Chainlink CCIP

Coinbase's cbBTC is expanding to Robinhood Chain, a move that gives developers on the latter access to a Bitcoin-backed asset with over $7.5 billion in circulation.

According to Chainlink, which provided the infrastructure for the cross-chain interoperability protocol (CCIP), cbBTC has been adopted as its exclusive cross-chain infrastructure.

Chainlink's CCIP allows for cross-chain interaction between different blockchains, and it is currently operational on the mainnet of Robinhood Chain. The network connects to eight other networks, including Solana, Ethereum, and BNB Chain.

The cbBTC asset is backed by approximately 97,968 BTC held in reserve by Coinbase, which has issued around 97,957 cbBTC tokens as a result.