What is Coinbase Wrapped BTC?
Coinbase Wrapped BTC (cbBTC) is an ERC20 token backed 1:1 by Bitcoin held by Coinbase, allowing users to transfer and use their Bitcoin on various blockchains, including Ethereum and Solana. cbBTC is a wrapped version of Bitcoin (BTC), backed 1:1 by BTC on Coinbase. Customers have a unified BTC balance, meaning that cbBTC can be sent & received from a customer's BTC balance.
Coinbase Wrapped BTC goals
The purpose of Coinbase Wrapped BTC is to enable users to participate in DeFi use cases such as providing liquidity to DeFi protocols or using it as collateral to borrow other crypto assets. The project aims to solve the problem of limited Bitcoin utilization in DeFi applications. The potential use cases and applications of the technology include providing more ways to use Bitcoin.
Marketcap
$2.163B
Total number of Coinbase Wrapped BTC
21334 CBBTC
Coinbase Wrapped BTC technology
Coinbase Wrapped BTC is an ERC20 token, which means it is based on the Ethereum blockchain. It is also available on the Solana blockchain as an SPL asset. The token is pegged one-to-one with Bitcoin for reliable value preservation.
Coinbase Wrapped BTC competitors
Coinbase Wrapped BTC differentiates itself from competitors such as Threshold's tBTC, Zeus Network's zBTC, and Wormhole's WBTC by being backed by a well-established cryptocurrency exchange, Coinbase. This provides users with a trusted and reliable option for using Bitcoin in DeFi applications.
Coinbase Wrapped BTC price history
Frequently asked questions
Coinbase Wrapped BTC (cbBTC) is an ERC20 token backed 1:1 by Bitcoin held by Coinbase.
The purpose of Coinbase Wrapped BTC is to enable users to participate in DeFi use cases such as providing liquidity to DeFi protocols or using it as collateral to borrow other crypto assets.
Coinbase Wrapped BTC is available on the Ethereum, Solana, and Base networks.
cbBTC is backed 1:1 by BTC on Coinbase, and customers have a unified BTC balance, meaning that cbBTC can be sent & received from a customer's BTC balance.
Several popular DeFi apps, including Aave, Curve, and Compound, support Coinbase Wrapped BTC.
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