The Coinbase executive confirmed that they're working to launch their wrapped Bitcoin on the Solana network.
Coinbase, a top-ranked crypto exchange in the world, is working to launch its wrapped Bitcoin (cbBTC) on the Solana network, the exchange’s director for Singapore revealed.
Coinbase is known for its highly regulated crypto trading services. Nearly 10 days ago, Coinbase launched its wrapped token “cbBTC” on the Ethereum and Base networks.
Now, at a session during the Solana Breakpoint 2024 event in Singapore, Coinbase’s director for Singapore, Hassan Ahmed, announced the company’s plan to launch cbBTC on the Solana network.
This move is aimed at allowing all kinds of crypto traders to benefit from Coinbase’s wrapped Bitcoin in the second-largest DeFi ecosystem.
“We recently launched cbBTC on Base, but our users love Solana, and so do we. ?,” Ahmed said in a cryptic tweet on March 2.
However, the exact or tentative date regarding this plan was not disclosed by Coinbase officials, but Solana DeFi users are hyped over this development.
When this decision comes to fruition, cbBTC will not only gain support on the Solana network but also be integrated into Solana’s $6.2 billion decentralized finance ecosystem, where nearly three million people trade their crypto assets regularly.
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cbBTC & controversy
While every crypto firm looks for opportunities, Coinbase leadership launched cbBTC as an opportunity following a controversial custodial change to wBTC by BitGo.
Notably, Coinbase never claimed that cbBTC was fully decentralized but assured that it will always remain backed 1:1 by an equal amount of Bitcoin.
Despite clarity on the structure of this wrapped Bitcoin, many people criticized Coinbase, claiming that cbBTC is a highly centralized Bitcoin CBDC that people don’t need.
“Coinbase’s cbBTC is a fully centralized variant of Bitcoin. It can be fully controlled by the government and can be seized at any moment,” Tron founder Justin Sun warned in a March 1 tweet.
In response to Sun’s claims, Coinbase CEO Brian Armstrong admitted that cbBTC is a centralized form of wrapped Bitcoin, but he also directed people’s attention to the reputation of the Coinbase exchange.
“Coinbase is a centralized company, but cbBTC is backed 1:1 by real BTC that we attest to having in custody. People can trust Coinbase or not, but the structure of cbBTC is very clear,” Armstrong said on March 2.
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