Coinbase’s Wrapped Bitcoin (cbBTC) is coming soon

Coinbase announced via X that its Wrapped Bitcoin (cbBTC) is coming soon. Wrapped Bitcoin developed by Coinbase. cbBTC will operate on Base chain, a blockchain platform that operates as an Ethereum Layer-2 network.

cbBTC is a tokenized version of Bitcoin, functioning as an ERC-20 token on the Base chain.

This initiative aims to bring Bitcoin’s liquidity and value into the Base ecosystem, allowing Bitcoin holders to engage with decentralized finance (DeFi) applications more efficiently.

Wrapped Bitcoin is one of the ways that help reduce transaction cost of Bitcoin and increase adoption of Bitcoin because it brings bitcoins to run on other blockchain networks.