Coinbase's $cbBTC Becomes Third-Largest Wrapped BTC Token in One Week, Poised to Challenge Bitgo

Sep 19, 2024, 06:00 PM

Coinbase has launched $cbBTC, a new wrapped Bitcoin token, which has quickly become the third-largest wrapped BTC token within just one week, according to Cointelegraph. The $cbBTC token bridges Bitcoin to Ethereum, opening up new decentralized finance (DeFi) possibilities for Bitcoin on the Base platform. DIA has integrated a price feed for $cbBTC as an oracle on over 50 chains, making it accessible for various decentralized applications (dApps). The introduction of $cbBTC enhances the capital efficiency of Bitcoin supply in DeFi, and it is poised to challenge Bitgo in the wrapped Bitcoin market, as noted by cryptoquant_com.