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Solana Now Allows Bitcoin Use with Coinbase’s New cbBTC Token
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The Solana network has just taken an important step by integrating Bitcoin into its platform with the launch of the cbBTC token, created by Coinbase. This innovation makes Bitcoin more accessible to users of the Solana blockchain, who will be able to enjoy the value of BTC with the speed and low fees of the Solana network.
For the first time, Coinbase has issued a token on the Solana network, marking a new phase of interoperability between these disparate blockchains.
cbBTC, created specifically for Solana, functions as an SPL token, the token standard for this blockchain. Each cbBTC is collateralized 1:1 with real Bitcoin held in escrow by Coinbase.
This means that for every cbBTC in circulation, an equivalent amount of BTC is safely stored in Coinbase’s vaults. In practice, cbBTC is a version of Bitcoin adapted to be used on the Solana network, allowing users to operate with the currency in a more agile and economical way.
Solana and Bitcoin
The creation of cbBTC represents a solution to the lack of compatibility between the Bitcoin and Solana blockchains, as they normally do not interact directly.
Now, with cbBTC, users can access the value of Bitcoin and use it in applications and services that make up the Solana ecosystem, including decentralized finance (DeFi) platforms, games and other digital services. This integration expands Bitcoin’s usage options, allowing it to be used for loans, trading and investments directly on the Solana network.
The cbBTC token is instantly available for purchase on the Jupiter.ag platform or through the Jupiter Exchange mobile app, making the acquisition process quick and accessible. Jupiter Exchange has also launched an innovative feature that allows users to purchase cbBTC directly through a link in a tweet, further simplifying access to the token.
With this new feature, Coinbase and Solana create a bridge between Bitcoin and the universe of fast, low-cost applications on the Solana network. The introduction of cbBTC promises to increase the adoption of Bitcoin within Solana, facilitating transactions and financial applications on a blockchain that stands out for its high speed and low cost.
Solana Now Allows Bitcoin Use with Coinbase’s New cbBTC Token
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Solana Now Allows Bitcoin Use with Coinbase’s New cbBTC Token
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Solana Now Allows Bitcoin Use with Coinbase’s New cbBTC Token
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Solana Now Allows Bitcoin Use with Coinbase’s New cbBTC Token
