This is a major step in making Bitcoin (BTC) more accessible to people who use the Solana blockchain.
For the first time, Coinbase has issued a token on Solana, and it’s called cbBTC.
What Is cbBTC?
cbBTC is an SPL token, which means it’s built for the Solana blockchain, just like other popular tokens on Solana. The unique thing about this new Solana token is that it’s backed 1:1 by Bitcoin (BTC) which Coinbase holds in custody.
In simpler terms, for every cbBTC token out there, there’s an equal amount of real Bitcoin sitting safely in Coinbase’s vault. This makes cbBTC a “crypto version” of Bitcoin that can be used on Solana.
cbBTC is live on @solana.
cbBTC is an SPL token that is backed 1:1 by Bitcoin (BTC) held in custody by Coinbase.
This is the first token Coinbase has issued on Solana, and with it, we’re excited to bring easy access to BTC.
Here’s what you can do with your cbBTC on day one ↓
— Coinbase
(@coinbase) November 7, 2024
This new token opens the door for more people to use Bitcoin on Solana. Normally, Bitcoin and Solana don’t work together because they’re built on different blockchains. But with this Solana token, users can now access Bitcoin’s value while taking advantage of the speed and low costs of Solana’s network.
This partnership also means that users can easily swap Bitcoin into cbBTC and use it in Solana’s ecosystem of apps, games, and services. For example, you can use this solana token in Solana’s DeFi apps, where you can lend, borrow, or trade tokens.
More About cbBTC
Now, anyone can get cbBTC instantly on Jupiter.ag or through the Jupiter Mobile app. Whether you’re on your computer or mobile device, you can quickly buy cbBTC and start using it in Solana’s ecosystem.
Congrats to @coinbase and @ann_droo for launching cbBTC on @solana.
You can get cbBTC immediately on https://t.co/TCZWw6zKfJ or using Jupiter Mobile, so get that Bitcoin topped up today!https://t.co/dVhWLCG1Hk https://t.co/9SpYcF876t pic.twitter.com/rnafCcK9Xs
— Jupiter
(@JupiterExchange) November 7, 2024
Plus, for even more convenience, users can purchase cbBTC directly via a special tweet link published by Jupiter Exchange.
Disclaimer
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The post cbBTC: Bitcoin Now on Solana appeared first on Altcoin Buzz.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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