Today, Coinbase has launched Coinbase Wrapped Bitcoin (cbBTC), an ERC-20 token backed 1:1 by Bitcoin (BTC).
The prominent U.S. exchange confirmed the launch via an official press statement today and its verified social media handles.
The move opens new doors for millions of Bitcoin holders to access decentralized finance (DeFi) applications on Ethereum and the Base blockchain. It marks a significant leap toward increasing Bitcoin’s utility and driving further adoption in the DeFi ecosystem.