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.
MicroStrategy CEO Michael Saylor shared his optimistic outlook for Bitcoin following the U.S. Securities and Exchange Commission’s (SEC) approval of options on BlackRock’s Bitcoin exchange-traded fund.
Top asset manager VanEck has recently analyzed the potential impact of the 2024 US Presidential election on Bitcoin.
Crypto-focused travel booking platform Travala has announced its integration with Solana, the fourth-largest blockchain by market cap, marking its third network addition after Ethereum and BNB Chain. CEO Juan Otero revealed this development during a panel at Solana Breakpoint in Singapore.
Crypto analyst Ali Martinez has indicated that an altseason may be imminent, a phase where alternative cryptocurrencies outperform Bitcoin.