Crypto exchange Coinbase has introduced its wrapped Bitcoin product, cbBTC, on Solana, expanding its reach beyond Ethereum. This marks the first token issued by Coinbase on Solana, taking the form of an SPL token. Designed to represent both fungible and non-fungible assets, cbBTC is set to play a key role in decentralized finance (DeFi) on Solana. With a 1:1 backing with Bitcoin, the token enables users to access Bitcoin on alternative networks. The move to Solana has been well-received by decentralized exchanges like Orca and Drift, who see the potential for using cbBTC as collateral for trading. This expansion comes amidst competition with BitGo's WBTC and controversy surrounding BitGo's ties to Justin Sun. Coinbase's foray into the wrapped Bitcoin space on Solana signifies a strategic move to tap into the growing DeFi activity on the network, offering users more options for utilizing Bitcoin in the ecosystem. Read more AI-generated news on: https://app.chaingpt.org/news