Coinbase brings cbBTC to Solana

Coinbase's tokenized Bitcoin launches on Solana

Hi Bitcoin Builders,

This week, the US election dominated the news. We will discuss some of the election’s impacts on Bitcoin later in the newsletter. But first, Coinbase made a big announcement — they officially launched cbBTC on Solana (see Coindesk’s overview of the launch).

Since the collapse of FTX, Solana has not had a strong tokenized Bitcoin product. Coinbase hopes to change this with cbBTC on Solana.

cbBTC has already launched on Coinbase’s Ethereum L2, Base. Coinbase typically focuses on Ethereum, so bringing cbBTC to Solana surprised many in the space.

News:

• Blockspace Media hosts OP_NEXT “The Bitcoin Scaling Conference” tomorrow (Saturday). Watch the live stream here.

• Bitcoin Ecosystem (@BitcoinEcoTK) shares a Lombard Onchain Overview. Lombard, a BTC Restaking protocol, currently has over $715M in TVL.

• Block shuts down TBD, its Bitcoin-focused identity and trust layer. It plans to focus on Bitcoin mining.

Other:

Here are a few news items related to Donald Trump winning the presidential election in the US:

• Bernie Moreno, a pro-crypto Senate candidate from Ohio, beats anti-crypto candidate Sherrod Brown. Read Bernie’s profile on standwithcrypto.com.

• Following the election, Bitcoin broke all-time highs.

• US Senator Cynthia Lummis doubles down on the initiative to “build a strategic Bitcoin reserve."

• Bankless releases a good podcast with Alex Thorn covering some major ramifications of the election.

• Bitcoin Magazine writes a sobering, contrarian take: “Trump is not going to be a good thing for Bitcoin.”