Coinbase launches 'cbBTC' wrapped Bitcoin digital asset

Crypto exchange Coinbase has launched its cbBTC token—a wrapped version of Bitcoin BTC$57,931—on the Ethereum network and its layer-2 scaling network Base.

According to the Sept. 12 launch announcement, cbBTC is backed 1:1 with Bitcoin held by Coinbase and has no separate order book or trading pairs on the exchange’s platform.

Coinbase’s wrapped Bitcoin works by automatically minting cbBTC at a 1:1 ratio when a user sends Bitcoin to a Base or Ethereum address.

The opposite is also true; when a user sends cbBTC to a Coinbase address, the tokenized Bitcoin will automatically convert to standard Bitcoin.

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