Coinbase Introduces Wrapped Bitcoin on Ethereum and Base Networks

Coinbase has launched Coinbase Wrapped Bitcoin (cbBTC), allowing users to access decentralized finance (DeFi) apps on Ethereum and Base networks using Bitcoin.

Fully backed by BTC held in Coinbase’s custody, cbBTC simplifies Bitcoin’s integration into DeFi. Enabling users to provide liquidity, use Bitcoin as collateral, and trade on decentralized exchanges.

Coinbase’s experience in crypto custody ensures security and reliability for cbBTC. Which can be traded via Coinbase Wallet. Initially available in select regions, Coinbase plans to expand cbBTC support to more blockchains in the future.

Clever Robot News Desk 14^th September 2024