Coinbase Announces Coinbase Wrapped BTC (cbBTC) Coming Soon

IconCryptoNewsTerminal Staff13 Aug, 2024

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Coinbase Announces Coinbase Wrapped BTC (cbBTC) Coming Soon

Coinbase has announced via an official blog post that Coinbase Wrapped BTC (cbBTC) is coming soon. cbBTC is an ERC-20 token that is backed 1:1 by Bitcoin (BTC) held in Coinbase's custody. This will allow users to trade BTC on decentralized exchanges (DEXs) and other Ethereum-based platforms. The launch of cbBTC is a significant development for the cryptocurrency ecosystem. It will make it easier for users to access BTC on a wider range of platforms and will help to increase the liquidity of BTC in the DeFi market. Coinbase has not yet announced a specific launch date for cbBTC, but the company says that it is "coming soon."