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Coinbase Launches Wrapped Bitcoin cbBTC on Ethereum and Base, 1:1 Backed by BTC

Sep 12, 2024, 01:27 PM

Coinbase has launched cbBTC, a wrapped version of Bitcoin, on the Ethereum and Base networks on Thursday. The cbBTC token is an ERC20 token backed 1:1 by Bitcoin held by Coinbase. This launch allows Bitcoin holders to utilize their assets in decentralized finance (DeFi) applications on both Ethereum and Base. The move comes amid controversy surrounding BitGo's Wrapped Bitcoin (WBTC) custodial changes. Coinbase's cbBTC aims to enhance Bitcoin's utility within the DeFi ecosystem, providing new opportunities for trading, lending, and collateral use. Coinbase holds over 4% of BTC’s total supply of 21 million tokens. The token is available in the United Kingdom, Australia, Singapore, and all US states except New York.