Coinbase Announces Launch of 1:1 Bitcoin-Backed Ethereum-based Token Coinbase Wrapped Bitcoin (cbBTC)

Prime US crypto alternate platform Coinbase publicizes the launch of Coinbase Wrapped Bitcoin (cbBTC), a Bitcoin (BTC)-backed Ethereum (ETH)-based token.

In a brand new thread on the social media platform X, Coinbase say that cbBTC is now onchain and prepared, that means holders of the highest crypto belongings by market cap can now entry decentralized finance (DeFi) apps on the Base and Ethereum blockchains.

In response to Coinbase, cbBTC can be accessible on many distinguished DeFi networks, together with Aave (AAVE), Curve FInance (CRV), Compound Finance (COMP), Moonwell (WELL), and Maple Finance (MPL).

In a brand new weblog publish, Coinbase explains how BTC holders can use the Coinbase-wrapped model of the crypto king to streamline their DeFi expertise.

“cbBTC removes a key level of friction by permitting prospects to make use of the Bitcoin they already personal on-chain in new methods. cbBTC is constructed to be seamlessly suitable with DeFi functions, so customers can now leverage new DeFi use instances, comparable to offering their Bitcoin as liquidity to DeFi protocols, or utilizing it as collateral to borrow different crypto belongings. .

When Coinbase customers ship their BTC from Coinbase to an tackle on Base or Ethereum, that BTC is mechanically transformed 1:1 to cbBTC. When customers obtain cbBTC into their Coinbase accounts, will probably be transformed 1:1 from cbBTC to BTC.”

Bitcoin is buying and selling at $57,688 on the time of writing, a acquire of two% over the previous 24 hours.

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