Coinbase Launches Wrapped Bitcoin (cbBTC) on Ethereum and Base Networks
Thursday, 12 September 2024, 07:26
Coinbase Introduces Wrapped Bitcoin (cbBTC)
In a significant move for the cryptocurrency market, Coinbase has launched Wrapped Bitcoin (cbBTC), an ERC20 token that is backed 1:1 by Bitcoin held in custody. This tokenization aims to make Bitcoin more accessible across decentralized finance platforms.
Key Features of cbBTC
- cbBTC operates on both Ethereum and Base Networks, improving transaction capabilities.
- The 1:1 backing by BTC increases user trust and security.
- This innovation allows users to leverage Bitcoin’s value in various DeFi applications.
Tokens like cbBTC are set to change how users interact with their crypto holdings, paving the way for broader adoption of cryptocurrencies in digital finance.
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