Coinbase has launched its wrapped Bitcoin product, cbBTC, on the Solana blockchain, expanding its use beyond Ethereum where it debuted in September. This move introduces cbBTC as an SPL token, which can represent both fungible and non-fungible assets, allowing users to engage with Bitcoin in Solana's DeFi ecosystem. Coinbase's cbBTC is backed 1:1 with Bitcoin, enabling broader access on other networks. The launch on Solana is seen as significant, given the growing DeFi activity on the platform and the competition it faces from established products like WBTC. Since its introduction, cbBTC has quickly gained traction, accumulating a total value over $1 billion within nine weeks. The announcement was met with enthusiasm from various decentralized exchanges on Solana, affirming support for the new token. Coinbase began hinting at this development during a conference in Singapore, emphasizing their strong user interest in Solana. This launch also comes against the backdrop of scrutiny faced by BitGo's rival product, soBTC, which was previously associated with the defunct FTX exchange. Overall, Coinbase is positioning itself strongly within Solana's vibrant DeFi space.

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