Coinbase to Introduce Wrapped Bitcoin cbBTC on Solana Network

Coinbase Singapore’s Director, Hassan Ahmed, has announced the cryptocurrency exchange’s plan to launch wrapped Bitcoin, cbBTC, on the Solana blockchain.

Bitcoin ? Solana

Just in from Breakpoint: @Hassan_NY announced that @coinbase plans to bring cbBTC to Solana! pic.twitter.com/e1UdoUDgbY

— Solana (@solana) September 21, 2024

He did not specify an exact date or timeframe for the release.

“We recently launched cbBTC on Base, but our users love Solana, and so do we,” Ahmed stated.

Coinbase first hinted at the launch of wrapped Bitcoin in mid-August. At that time, users expressed concerns about cbBTC’s centralization. BitGo CEO Mike Belshe played on the abbreviation of the wrapped version as “Central Bank BTC.”

The full release occurred on September 12 on the Ethereum and Base networks, with further plans to expand to additional blockchains.