Saturday, February 8

Tag: Bit

Coinbase’s covered Bitcoin token cbBTC goes live
Business

Coinbase’s covered Bitcoin token cbBTC goes live

Coinbase launches cbBTC, an ERC20 token, backed 1:1 by Bitcoin in its custody cbBTC enables BTC holders to gain access to DeFi apps like Aave, Compound, and MakerDAO Over 843,783 Bitcoins back cbBTC, representing 4% of the overall Bitcoin supply Coinbase, the biggest cryptocurrency exchange in the United States, has actually formally released its brand-new tokenization item, Coinbase Wrapped Bitcoin (cbBTC), marking a considerable advancement in the tokenization of Bitcoin throughout blockchains. The recently released ERC20 token is totally backed 1:1 by Coinbase's Bitcoin holdings, enabling holders to engage with decentralized financing (DeFi) applications on Ethereum and Base. Coinbase strategies to support more chains in the future. The release of cbBTC supplies an ingenious bridge in ...