Coinbase Plans cbBTC Launch on Solana’s Blockchain

Coinbase is preparing to launch its cbBTC token on the Solana blockchain, according to the company's Singapore director, Hassan Ahmed, during the Solana Breakpoint 2024 event.

While cbBTC was recently introduced on Base and Ethereum, specific details on its rollout for Solana remain undisclosed.

The cbBTC token is a wrapped Bitcoin option, designed to give users a way to provide liquidity in DeFi protocols or use it as collateral for other assets. The move comes after a competitor token, WBTC, changed ownership. Currently, cbBTC holds a market cap of around $137 million.

Ahmed also highlighted Jump Crypto’s efforts with the Firedancer validator client, calling it a key example of how institutions can enhance blockchain diversification. This client aims to improve Solana’s network efficiency alongside the Agave validator.

As for Firedancer, its prototype, Frankendancer, has recently gone live on Solana’s mainnet, with the full version still undergoing testing.

Heeger, a blockchain engineer involved with Firedancer, noted that while the client has been intermittently active for two months, it is not yet ready for widespread use.