Coinbase, the largest cryptocurrency exchange in the United States, announced its new project.
Coinbase has announced that it will soon launch Coinbase Wrapped BTC (cbBTC).
At this point, Coinbase is preparing to expand its footprint in the Bitcoin ecosystem by announcing the launch of cbBTC, which could be a potential competitor to Wrapped Bitcoin (WBTC).
Jesse Pollak, the head of Coinbase and Coinbase’s layer 2 network Base, shared a post about “cbBTC” from their official X account. While Coinbase hinted that cbBTC would be launched soon, Jesse Pollak said that he would establish a large Bitcoin economy system on the Base network.
Coming soon.
— Coinbase 🛡️ (@coinbase) August 14, 2024
The introduction and launch of cbBTC will allow Bitcoin holders to interact with decentralized finance (DeFi) applications with lower fees and more efficiently using Base.
Interestingly, Coinbase’s announcement of its own wrapped Bitcoin comes after news broke of Tron (TRX) founder Justin Sun’s involvement in the WBTC token.
As you may recall, BitGo recently announced plans to transfer control over WBTC to a joint venture consisting of Hong Kong-based investment manager BiT Global and Justin Sun's Tron ecosystem.
Wrapped Bitcoin (WBTC) is a tokenized version of Bitcoin that runs on the Ethereum blockchain compatible with the ERC 20 standard.
*This is not investment advice.
