The deployment will allow users to utilize Bitcoin in Solana’s burgeoning DeFi ecosystem, according to Coinbase.
America’s largest cryptocurrency exchange, Coinbase, has deployed its version of wrapped Bitcoin on the layer-1 blockchain Solana as it seeks to expand the adoption of the asset in decentralized finance (DeFi).
“This is the first token Coinbase has issued on Solana, and with it, we’re excited to bring easy access to BTC,” the company said in a post on X announcing the deployment on Nov. 7.
Coinbase added that cbBTC will take the form of a Solana Program Library (SPL) token, a Solana-based token that can represent both fungible and non-fungible assets.
