CandleFocus Coinbase launches cbBTC, a wrapped Bitcoin token
2024-09-12
Author: Content Editor
Coinbase has launched cbBTC, an ERC20 token that represents Bitcoin (BTC) and is backed 1:1 by the cryptocurrency held by Coinbase. The token, which is available on Base and Ethereum, allows BTC holders to access decentralized finance (DeFi) applications. Users can convert their Bitcoin to cbBTC when transferring to Base or Ethereum addresses, and the token can be used in DeFi protocols such as Aave, Compound, and MakerDAO. CbBTC provides secure liquidity by being fully backed by Bitcoin in Coinbase's custody. It will not have a separate order book on Coinbase but will be available for trading on decentralized exchanges (DEXs) using Coinbase Wallet and may be listed on other exchanges. CbBTC is initially available in select countries, with plans for global accessibility on Base and Ethereum.
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