Coinbase, the largest cryptocurrency exchange in the United States, announced its new project in mid-August and announced that it would soon launch Coinbase Wrapped BTC (cbBTC).
The long-awaited moment has come and Coinbase has launched its cbBTC token, a version of Bitcoin, on the Ethereum and Base networks.
The stock exchange said in a statement:
“Starting today, Coinbase is launching cbBTC – Coinbase Wrapped BTC, an ERC20 token backed 1:1 by Bitcoin (BTC) held by Coinbase.
At launch, cbBTC will be supported on Base and Ethereum, with plans to support more chains. With cbBTC, we continue to increase economic freedom by giving users more ways to use their Bitcoin.
Coinbase is, for the first time, connecting deep off-chain Bitcoin liquidity to low-cost, high-speed financial rails on Base and Ethereum.
“Bundled assets like cbBTC help create a more efficient, interconnected, and expansive financial ecosystem by moving assets onto more chains.”
According to the statement, cbBTC is backed 1:1 with Bitcoin on Coinbase and there is no separate order book or trading pair on the exchange's platform.
*This is not investment advice.
