Coinbase's Wrapped Bitcoin cbBTC is now live

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MarsBit
09-12
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According to Mars Finance, Coinbase has launched its own version of wrapped Bitcoin, cbBTC, on the Ethereum and Base networks, allowing users to use Bitcoin in DeFi applications. cbBTC is supported by various DeFi services and can be used for trading, lending, and as collateral, and has an automatic conversion function, making it convenient for Coinbase users to transfer Bitcoin between these networks. The launch indicates that Coinbase hinted that it will enter the wrapped Bitcoin market, challenge the existing leader BitGo's WBTC, and plan to cultivate a significant Bitcoin economy on Base.

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