South Korean crypto exchange Korbit has partnered with Coinbase to bring Base Chain onto the platform. Now, users can perform Base Chain deposits and withdrawals directly on Korbit.

According to a Business Korea report published on Nov. 8, Korbit has signed a business agreement with U.S major crypto exchange Coinbase to host the Base Chain Network on their platform.

Through Korbit’s collaboration with Coinbase, its users can now perform multi-chain deposits and withdrawals directly on the Korbit platform. For instance, users can deposit Ether(ETH) on the Ethereum Chain and withdraw it on the Base Chain(BASE) and vice versa.

In return, Coinbase will support Korbit through promotional efforts, community events, and introduction into the Base Chain ecosystem.

Not only that, the partnership between the two companies will also result in collaborative efforts to develop on-chain technology in South Korea and expanding support for Base Chain functions across the country.

CEO of Korbit, Oh Se-jin, expressed optimism in Korbit’s partnership with Coinbase. He hopes the collaboration will serve to further expand South Korea’s growing virtual asset industry.

“This is an opportunity to develop business models aligned with rapidly changing global trends and secure market competitiveness. We will provide differentiated benefits to users through various new services in the future,” said Oh.

Vice president of business development at Coinbase, Dan Kim, said that Base Chain is excited to welcome more Korean traders into its on-chain ecosystem. He described Base Chain as a platform that aims to be accessible to anyone anywhere.

“We look forward to continuously working with Korbit, including hosting buildathons and hackathons and educational community events in Korea,” said Kim.

Base Chain is Coinbase’s Ethereum Layer 2 blockchain designed to enable an on-chain application ecosystem. The blockchain network was launched in August 2023 with a focus on enhancing the dApp ecosystem on Ethereum.

Coinbase has just announced cbBTC, the very first Bitcoin-backed token on Solana. The newly minted SPL token is backed 1:1 by Bitcoin and held in Coinbase custody. It provides an easy way for users to access BTC directly on the Solana blockchain.

According to the announcement on X, cbBTC by Coinbase brings the power of Bitcoin onto Solana’s high-speed network, expanding the availability of BTC to decentralized applications and traders worldwide.

Bitcoin Now Accessible on Solana with Coinbase’s cbBTC

Coinbase has officially launched cbBTC on the Solana blockchain to increase access to Bitcoin within Solana’s fast-growing DeFi ecosystem. cbBTC, issued as an SPL token, is backed 1:1 by native Bitcoin held by Coinbase.

cbBTC is live on @solana.

cbBTC is an SPL token that is backed 1:1 by Bitcoin (BTC) held in custody by Coinbase.

This is the first token Coinbase has issued on Solana, and with it, we’re excited to bring easy access to BTC.

Here’s what you can do with your cbBTC on day one ↓

— Coinbase 🛡️ (@coinbase) November 7, 2024

The addition will join the variety of other wrapped options for Bitcoin on the chain. Some include tBTC, WBTC via Wormhole, and soon-to-be-listed zBTC and sBTC. This further rounds out the Bitcoin offering on Solana.

On the first day, it was integrated into major DeFi platforms, including Jupiter Exchange, Meteora, Kamino Finance, Jito Sol, PhoenixTrade, DriftProtocol, Raydium, Orca, Save Finance, ManifestTrade, and Loopscale Labs, where it also presents users with most of the liquidity and collateral opportunities presented on Solana’s DeFi applications.

In the meantime, Solana (SOL) price appears poised for a breakout as bullish momentum gains traction. It also lifts the cryptocurrency to a three-month high. Some experts think it could soon reach $300 and surpass BNB token.

cbBTC Making Inroads in Global Crypto Markets

On September 12, Coinbase introduced the cbBTC customers in Singapore, Australia, the UK, and the US – apart from New York. This is its wrapped Bitcoin product, first available on Ethereum and Base. It is fully backed at a 1:1 ratio by Bitcoin and held in Coinbase custody.

One more notable thing is that cbBTC will be operated without order books or trading pairs dedicated explicitly to itself within the Coinbase platform. This is how it makes its usage seamless over multiple chains.

According to CryptoQuant, cbBTC has emerged as the third most used wrapped Bitcoin asset in just one week. The token has leapfrogged long-standing competitors such as Huobi BTC, HBTC, and renBTC, RENBTC to compensate for lost ground in the wrapped Bitcoin market.

✓ Share:

Teuta Franjkovic

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries.

Starting her career in 2005 as a lifestyle writer for Cosmopolitan, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg.

Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions.

Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.