Coinbase launches cbBTC wrapped Bitcoin
Coinbase launches cbBTC wrapped Bitcoin
Base Network's Weekly Profits Down 90%, CryptoPunk Worth $1.5M Sold For $23K
Coinbase has launched its own ERC-20 wrapped Bitcoin digital asset called cbBTC backed 1:1 with Bitcoin that's held by Coinbase.
Coinbase's new wrapped Bitcoin, like other similar "backed" assets, exist as a tool for collateral in lending and other DeFi operations. cbBTC will potentially open doors for Bitcoin DeFi.
The launch follows a teaser in August, and the controversy surrounding BitGo's WBTC custodial structure just days before.
cbBTC has no separate order book or trading pairs on Coinbase, and gets minted whenever a user sending Bitcoin to a Base or Ether address. When cbBTC is sent, tokenized Bitcoins will be converted to standard BTC.
Several DeFi projects like Aerodrome, Curve, Sky, Compound are ready to integrate cbBTC. Aave's consideration of cbBTC for its V3 even sparked a decentralization debate.
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