Coinbase Launches cbBTC, to Run on Ethereum Mainnet and Base
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September 12, 2024
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Coinbase has officially launched its wrapped version of Bitcoin, Coinbase Wrapped BTC (cbBTC). The token runs on the Ethereum network and is backed by a 1:1 ratio of Bitcoin. It aims to enable traders to use Bitcoin on Ethereum, primarily for DeFi purposes.
Coinbase states that cbBTC will run on both the Ethereum mainnet and its own L2 network Base, marking the first time deep, off-chain Bitcoin liquidity is connected with the low-cost, high-speed financial rails on Base and Ethereum.
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