Coinbase Plans to Launch cbBTC, a Wrapped Version of Bitcoin, on Its Base Network

As demand for tokenized Bitcoin on Ethereum-compatible chains grows, Coinbase's entry into this space could significantly impact market dynamics.

Coinbase is set to introduce cbBTC, a wrapped version of Bitcoin, on its Base network. This move will expand Coinbase's tokenized asset offerings and could reshape the landscape of wrapped Bitcoin.

With the growing demand for tokenized Bitcoin on Ethereum-compatible chains, Coinbase's entry into this space is poised to impact market dynamics significantly. The exchange had previously launched cbETH, a wrapped Ethereum token, in August 2022.

Boasting a circulating supply of around 210,000, cbETH has witnessed substantial adoption.

"I love bitcoin, am so grateful for it's role kickstarting crypto, and we're going to build a massive bitcoin economy on @base," Jesse Pollak, the lead developer on Base, expressed his enthusiasm for Bitcoin's potential on Coinbase's layer-2 network.

Anndy Lian, a blockchain expert, sees cbBTC as an opportunity for Coinbase to provide a transparent alternative to Wrapped Bitcoin (WBTC), especially amidst concerns regarding Justin Sun's involvement.

BitGo, the custodian behind WBTC, recently partnered with BiT Global, which has been linked to Sun. However, Sun clarified that his strategic role does not include any control over WBTC reserves.

Currently, WBTC is the largest wrapped Bitcoin asset with a market capitalization of $9 billion.

The above is the detailed content of Coinbase Plans to Launch cbBTC, a Wrapped Version of Bitcoin, on Its Base Network. For more information, please follow other related articles on the PHP Chinese website!