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In what is a massive development for the network, Coinbase has announced that it is bringing a wrapped Bitcoin offering (cbBTC) to the Solana network. Indeed, the cryptocurrency exchange unveiled the move at Solana’s Breakpoint 2024 event that took place in Singapore this past week. There is no specific launch date, but the expansion is certainly a testament to the blockchain’s popularity. Coinbase certainly isn’t alone. Traditional finance entities like Franklin Templeton and Citigroup announced that they would be launching services on Solana. Thereby, continuing to fortify its position in crypto. Source – Bitcoinist Also Read: Solana: Franklin Templeton & Citi Announce Network Adoption Coinbase cbBTC Coming to Solana as Network Notes Another Win There is no denying the prevalence of Solana. A network that had been dubbed the ‘Ethereum Killer’ is certainly living up to its name in 2024. It has been the go-to blockchain for several massive projects th...

Following the debut of the product Thursday, Coinbase’s wrapped Bitcoin offering (cbBTC) has reached a market cap of $100 million in just one day. The figure showcases a clear surge in adoption within its first 24 hours. Moreover, there are many who predict that it could take some of WBTCs market share. The product should also be massively important for overall activity on the Base platform. According to data from Dune Analytics, the supply of cbBTC has already surpassed 1,720 tokens. Subsequently, that supply accounts for a value of $99.8 million. Source – Coinbase Blog Also Read: Coinbase CEO Says Crypto Will Follow Instant Messaging Path to Adoption Coinbase cbBTC Surges to $100 Million Market Cap in Just 24 Hours Just yesterday, Coinbase announced the launch of a wrapped Bitcoin offering. In a press release, it noted the arrival of an ERC20 token that is fully backed, 1:1, by Bitcoin. The reserves are held by Coinbase, with both Base and Ethereum supporting the new cbBTC...

Coinbase has decided to take advantage recent controversies surrounding WBTC’s decision to involve Justin Sun to launch its own wrapped bitcoin project, Coinbase Wrapped BTC (cbBTC). This new token is offered on both Ethereum and Coinbase’s own Base network. Coinbase will treat it as equivalent to normal BTC in its orderbooks, and Coinbase users can obtain cbBTC by withdrawing Bitcoin on either Ethereum or Base, and it will be automatically converted.  Coinbase’s website says that this asset can already be used across the Decentralized Finance (DeFi) ecosystem, including Aerodrome, Curve, Aave, Compound, Spark, and more.  CoinMarketCap indicates that the current marketcap for this token is approximately $100 million.  cbBTC, WBTC, and Bitcoin-on-Tron How involved is Justin Sun with WBTC’s new custodian BiT Global? Read more: MakerDAO disables WBTC borrows after Justin Sun involvement revealed   cbBTC competitor WBTC has attracted additional scrutiny...