Coinbase has launched its wrapped Bitcoin asset, cbBTC, on the Solana blockchain to enhance its accessibility within the decentralized finance (DeFi) ecosystem. This represents Coinbase's first token issuance on Solana, designed to provide users with a straightforward way to use Bitcoin in DeFi applications. The cbBTC token is structured as a Solana Program Library (SPL) token and is backed 1:1 with actual Bitcoin. It will be integrated into various Solana-based decentralized exchanges and protocols, including Jupiter, Raydium, and Drift, among others. The team behind the lending and liquidity protocol Kamino aims to solidify its position by leveraging cbBTC. Coinbase has already deployed approximately 135 cbBTC, valued at around $10 million, to the Solana blockchain. The launch of cbBTC addresses a previous gap created by soBTC, which failed after the FTX collapse. With a market capitalization exceeding $1 billion, cbBTC competes with other wrapped Bitcoin versions like BitGo's Wrapped Bitcoin, which holds a market cap of $11 billion. The news has positively affected Bitcoin's market price, reflecting a 3.4% increase following the announcement.

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