Cryptocurrency exchange Coinbase plans to bring its cbBTC token to the Solana blockchain, the company’s Singapore representative said at the Solana Breakpoint 2024 event in Singapore.
“We recently launched cbBTC on Base, but our users love Solana and so do we,” Hassan Ahmed, Coinbase’s Singapore country director, said during a panel discussion at Breakpoint. However, Ahmed did not give a specific timeline for when cbBTC would be available on Solana.
The centralized digital asset exchange released a wrapped Bitcoin version last week after teasing the token in August. After the launch, cbBTC Launched on Ethereum and Base networks.
The ERC-20 token, which is backed 1:1 by Bitcoin held by Coinbase, is aimed at users who want to provide Bitcoin liquidity to DeFi protocols in the Ethereum and Base ecosystems, or use it as collateral for other assets. The company announced the token after the ownership of its rival token, WBTC, changed.
Coinbase said at launch that it was working to expand support for cbBTC to additional blockchain networks. Coinbase-wrapped Bitcoin currently has a market cap of around $137 million. data At CoinGecko.
When The Block asked Ahmed for more information on an anticipated release date, he replied, “We’re working on it, and we’ll announce it when it’s available.”
Coinbase by Firedancer
Meanwhile, speaking on the topic of the role of institutions in Web3, Ahmed said Jump Crypto’s collaboration with the Firedancer validator client on Solana was the “most impressive” example of an institution helping to diversify blockchains.
“Client diversity is one of the core components of the Nakamoto coefficient,” Ahmed said. “So when Frankendancer and Firedancer are released, it’s a huge upgrade to Solana’s network decentralization.”
Kevin Bowers, Jump Crypto’s chief scientific officer, on Friday Announced at Breakpoint News that the Frankendancer validator client, a long-anticipated Firedancer prototype, has been released on Solana mainnet, and Firedancer is running on testnet.
Frankendancer, and later Firedancer, were designed as dual systems to support Solana alongside the Agave verification client for better efficiency.
Firedancer’s blockchain engineer, Liam Heeger, provided additional details today on Breakpoint, stating that the full Firedancer validator client, which does not involve voting or block production, has been live for about two months and is not yet ready for general use and production.
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