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Coinbase Launches First Solana-Based Token cbBTC, a Bitcoin-Backed SPL Token

Nov 7, 2024, 05:03 PM

Coinbase has launched cbBTC, now live on Solana, a Solana Program Library (SPL) token backed 1:1 by Bitcoin (BTC) held in custody by Coinbase. This marks Coinbase's first Solana-based token, aimed at providing easy access to Bitcoin within the Solana ecosystem. cbBTC can be used in decentralized finance (DeFi) applications on Solana, such as serving as collateral on platforms like Drift Protocol.