Coinbase Launches ‘cbBTC’ – A New Bitcoin-Backed ERC20 Token

Cryptocurrency exchange Coinbase is launching its token today, “Coinbase Wrapped Bitcoin” (cbBTC) – a new ERC-20 token backed 1:1 by Bitcoin. In an announcement, the exchange said the new token launch is aiming at improving the utility of Bitcoin within decentralized finance (DeFi). It will allow users to use their Bitcoin across decentralized applications (dApps) on Ethereum and Coinbase’s Layer-2 blockchain known as Base. According to Coinbase, cbBTC is an ERC-20 token, meaning it follows the Ethereum blockchain’s widely adopted token standard. Each cbBTC token will be fully backed 1:1 by Bitcoin held by Coinbase.

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