Coinbase Launches Wrapped Bitcoin cbBTC
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September 12, 2024
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Coinbase has launched its own wrapped Bitcoin version, cbBTC, on Ethereum and the Base network, enabling users to utilize Bitcoin within DeFi applications. Supported by various DeFi services, cbBTC can be used for trading, lending, and as collateral. It features automatic conversion functionality, facilitating Bitcoin transfers between these networks for Coinbase users.
This launch signals Coinbase's intention to enter the wrapped Bitcoin market, challenging existing leader BitGo's WBTC, and its ambition to cultivate a significant Bitcoin economy on Base.
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