Coinbase, the largest crypto exchange in the U.S., has officially launched its much-anticipated cbBTC token, a version of Bitcoin, on the Ethereum and Base networks.
In mid-August, Coinbase teased the project, announcing the upcoming release of Coinbase Wrapped BTC (cbBTC). The moment has now arrived, and Coinbase has unveiled this new token, which is backed 1:1 by Bitcoin held by the exchange.
In a statement, Coinbase explained:
“Starting today, Coinbase is rolling out cbBTC, an ERC20 token backed 1:1 by Bitcoin (BTC) held by Coinbase—Coinbase Wrapped BTC. At launch, cbBTC will be supported on Base and Ethereum, with plans to expand support to other chains. cbBTC allows users more ways to utilize their Bitcoin, continuing our mission to promote economic freedom.”
Coinbase further emphasized that cbBTC connects deep off-chain Bitcoin liquidity to Base and Ethereum, which offer low-cost, high-speed financial infrastructure. Wrapped assets like cbBTC enable the movement of assets across chains, fostering a more connected, efficient, and expansive financial ecosystem.
According to the announcement, cbBTC is backed 1:1 by Bitcoin held by Coinbase, but there won’t be a separate order book or trading pair for the token on the platform.
Deythere will continue to follow updates on this new product and its market implications.
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