According to ChainCatcher, Coinbase has officially launched its wrapped Bitcoin version, Coinbase Wrapped BTC (cbBTC). The token runs on the Ethereum network and is backed by 1:1 Bitcoin. It is designed to allow traders to use Bitcoin on Ethereum, mainly for DeFi.
Coinbase said cbBTC will run on the Ethereum mainnet and its own L2 network Base, connecting deep off-chain Bitcoin liquidity with low-cost, high-speed financial rails on Base and Ethereum for the first time.



