Coinbase surprised attendees at Breakpoint 2024 by announcing plans to roll out cbBTC wrapped Bitcoin on Solana, sparking immediate enthusiasm and positioning the asset for broader use across popular blockchain networks.

At the Breakpoint 2024 event, Hassan Ahmed, Coinbase's country director for Singapore, recently announced intentions to bring Coinbase's new "cbBTC"—a wrapped Bitcoin asset—to the Solana network.

Coinbase Expands cbBTC to Solana Network

In the release, the launch date of the Bitcoin token was not mentioned. Ahmed informed the listeners:

"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."

A desire to acquire the collateralized asset was demonstrated by the fact that the announcement made by the Coinbase executive was met with quick applause from the attendees of the conference held in Solana.

Breakpoint 2024 Unveils Wrapped Bitcoin for Solana

On September 12, Coinbase made the announcement that it would be launching cbBTC for customers in Singapore, Australia, the United Kingdom, and all states inside the United States with the exception of New York, Cointelegraph shares.

Ethereum and Base were the initial platforms for the release of the wrapped Bitcoin asset. Coinbase clarified that the centralized exchange holds Bitcoin in a 1:1 ratio with cbBTC and that the Coinbase platform does not have separate order books or trading pairings for cbBTC.

cbBTC Gains Popularity in the Crypto Market

CryptoQuant reports that cbBTC has had a meteoric rise in popularity, making it the third most popular wrapped Bitcoin product the industry now offers.

This was accomplished in just seven days by Coinbase's cbBTC, surpassing rivals such as renBTC (RENBTC) and Huobi BTC (HBTC), both of which have been operational since 2020.