- Coinbase is bringing wrapped Bitcoin (cbBTC) to the Solana network.
- The exchange's cbBTC launch fuels competition in Bitcoin DeFi space.
- Travala integrates Solana, enabling bookings with SOL and USDC.
Coinbase revealed that it would be adding native support for its wrapped Bitcoin token, cbBTC, on the Solana blockchain.
The announcement was made by Hassan Ahmed, Coinbase’s Country Director for Singapore, during the Solana Breakpoint conference.
“We recently launched cbBTC on Base, but our users love Solana, and so do we. So we’re very excited to announce that we will be bringing native cbBTC on Solana as well,” said Ahmed.
Coinbase’s cbBTC, which is fully backed by Bitcoin held in custody, allows users to trade and use Bitcoin on programmable blockchains like Ethereum.
This could unlock new opportunities for Coinbase users, who hold over $18 billion worth of Bitcoin on the platform.
The addition comes amid rising competition in the DeFi space for Bitcoin-backed tokens, with rivals like BitGo and Stacks launching their own alternatives.
With its integration into Solana, cbBTC opens access to the network’s $6.2 billion DeFi ecosystem across an estimated three million daily active addresses.
Solana has been gaining ground recently, with projects like Travala integrating SOL-based assets into its travel platform.
Users will now be able to book flights and accommodations using assets like SOL and USDC.
