Coinbase plans to roll out cbBTC for customers in Singapore, Australia, the UK, and most US states, supporting it at a 1:1 ratio.
Hassan Ahmed, serving as the national director for Coinbase in Singapore, recently announced the company’s intention to introduce Coinbase’s new “cbBTC“—a wrapped Bitcoin asset—to the Solana network during the Breakpoint 2024 event.
During the announcement, there was no mention of a specific date for the launch of the Bitcoin token. Ahmed informed the audience that the Solana conference attendees quickly applauded the Coinbase CEO’s news, indicating a desire for the collateralized asset.
“We recently launched cbBTC on base, but our users love Solana, and so do we. So we are very excited to announce that we will be bringing native cbBTC to Solana as well.”
On September 12, Coinbase announced that it would be launching its wrapped Bitcoin for customers in Singapore, Australia, the United Kingdom, and all states inside the United States with the exception of New York.
Coinbase launches cbBTC
Upon its initial release, the wrapped Bitcoin asset introduced itself to the Ethereum and Base networks. Coinbase revealed that the centralized exchange holds Bitcoin, and there are no separate order books or trading pairings for cbBTC on the Coinbase platform.
Moreover, Coinbase backs it’s wrapped Bitcoin at a 1:1 ratio, unlike other cryptocurrencies. CryptoQuant reports that coinbase’s wrapped Bitcoin has had a meteoric rise in popularity, making it the third most popular wrapped Bitcoin product the industry now offers.
Coinbase’s cbBTC achieved this feat in just seven days, outpacing rivals like Huobi BTC (HBTC) and renBTC (RENBTC), both of which have been around since 2020.
The digital asset known as Coinbase Wrapped Bitcoin has been operating for a relatively short period of time, yet it has already managed to garner the attention of prominent players in the cryptocurrency market.
Sky community pitches cbBTC as alternative to WBTC
On September 12, the team behind the Sky lending and borrowing platform, which was formerly known as Maker, announced that they were looking to remove wrapped Bitcoin (WBTC) as a collateral asset from the platform.
The decision to remove wrapped Bitcoin (WBTC) as a collateral asset from the platform stemmed from concerns raised by Justin Sun, the founder of Tron, who was involved in the process.
On September 19, the Sky community decided to remove WBTC from the ecosystem, with over 88% of respondents opting to remove WBTC from the platform.
The Sky community presented many alternatives to WBTC, including Coinbase’s cbBTC as a form of collateralized Bitcoin. The Sky community voted to remove WBTC from the platform.
