Coinbase’s wrapped Bitcoin token cbBTC goes live
Coinbase launches cbBTC, an ERC20 token backed 1:1 by Bitcoin in its custody. cbBTC allows BTC holders to access DeFi apps like Aave, Compound, and MakerDAO. Over 843,783 Bitcoins back cbBTC, representing 4% of the total Bitcoin supply. Coinbase, the largest cryptocurrency exchange in the US, has officially launched its new tokenization product, Coinbase Wrapped Bitcoin (cbBTC), marking a significant development in the tokenization of Bitcoin across blockchains. The newly launched ERC20 token is fully backed 1:1 by Coinbase’s Bitcoin holdings, allowing holders to interact with decentralized finance (DeFi) applications on Ethereum and Base. The release of cbBTC provides an innovative bridge between Bitcoin and Ethereum’s DeFi ecosystem, giving Bitcoin holders more ways to lend, borrow, and earn yields with their assets. cbBTC is backed by Coinbase’s Bitcoin holdings Coinbase’s extensive Bitcoin holdings back the entire supply of cbBT...