Coinbase Unveils Wrapped Bitcoin: The cbBTC ERC20 Token
Thursday, 12 September 2024, 07:26
Understanding cbBTC: The New Wrapped Bitcoin
Coinbase has announced the launch of cbBTC, a Wrapped Bitcoin (WBTC) token that operates as an ERC20 token on Ethereum and Base networks. Each cbBTC is backed 1:1 with Bitcoin (BTC) held by Coinbase, ensuring integrity and trust for users.
Key Features of cbBTC
- 1:1 Backing with Bitcoin
- Increased Flexibility in Trading
- Supports Interoperability Across Platforms
Impact on Cryptocurrency Trading
The introduction of cbBTC highlights the growing trend of tokenizing assets for increased liquidity. By utilizing this Wrapped Bitcoin, traders can potentially maximize their profits while minimizing risks associated with traditional Bitcoin exchanges.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.