We’re excited to announce that Backpack Exchange now supports cbBTC on Solana, allowing users to seamlessly interact with Bitcoin while taking advantage of Solana’s speed and low transaction costs.
What is cbBTC?
cbBTC is a tokenized representation of Bitcoin on the Solana blockchain, enabling faster and cheaper transactions. On Backpack Exchange, cbBTC is redeemable 1:1 for native BTC.
There’s no manual conversion process required — simply deposit cbBTC, and it will automatically be credited to your account as Bitcoin.
How to Deposit cbBTC on Backpack Exchange
- Log in to your Backpack Exchange account.
- Go to the Deposit section at the top of your screen.
- Select Bitcoin (BTC): Choose BTC from the list of available cryptocurrencies.
- Choose Deposit Network: When prompted, select “Solana (Coinbase BTC)” as the deposit network.
- Copy Your Deposit Address: A unique deposit address for cbBTC on the Solana network will be provided. Copy this address carefully.
- Initiate the Transfer: From your external Solana wallet, send cbBTC to the copied deposit address.
- Confirm the Transaction: Wait for network confirmations. The deposited amount will appear as BTC in your exchange wallet shortly.
How to Withdraw BTC as cbBTC on Solana
- Log In to Your Account: Access your exchange account.
- Navigate to the Withdrawal Section: Go to the “withdraw” section.
- Select Bitcoin (BTC): Choose BTC from the list.
- Specify the Amount: Enter the amount of cbBTC you wish to withdraw.
- Choose Withdrawal Network: Select “Solana (Coinbase BTC)” as the withdrawal network.
- Enter the Recipient Address: Input the destination cbBTC address on the Solana network.
- Review and Confirm: Double-check all details and confirm the withdrawal.
- Enter your 'Email verification code' and 'Authenticator app code', select Submit button
- Wait for Confirmation: The BTC will be sent as cbBTC on the Solana network to the specified address after network confirmations.
Frequently Asked Questions
What are the fees for depositing and withdrawing cbBTC?
Network fees may apply for transactions on the Solana blockchain, which are typically much lower than Bitcoin network fees.
How long do cbBTC transactions take?
cbBTC transactions on Solana are usually confirmed within a few seconds to a minute, depending on network conditions.
Can I send cbBTC to a regular Bitcoin wallet?
No, cbBTC is a Solana-based token. Attempting to send it to a native Bitcoin wallet address will result in a loss of funds.
Do you have questions or require further information?
Click the red Live Chat button in the lower right of your screen or contact us via email at: support@backpack.exchange
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