{"id":443415,"date":"2024-09-12T14:27:34","date_gmt":"2024-09-12T13:27:34","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=443415"},"modified":"2024-09-12T14:27:34","modified_gmt":"2024-09-12T13:27:34","slug":"coinbases-cbbtc-launches-seeking-defi-boom-on-base-and-ethereum","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/coinbases-cbbtc-launches-seeking-defi-boom-on-base-and-ethereum\/","title":{"rendered":"Coinbase&#8217;s cbBTC launches seeking DeFi boom on Base and Ethereum"},"content":{"rendered":"<p><a href=\"https:\/\/cryptoslate.com\/companies\/coinbase\/\">Coinbase<\/a> has officially launched its wrapped <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin<\/a> token, cbBTC, on its layer-2 network, Base, and <a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">Ethereum<\/a> mainnet, according to a Sept. 12 statement.<\/p>\n<p>The new product comes around a month after Coinbase <a href=\"https:\/\/cryptoslate.com\/coinbase-cbbtc-could-challenge-bitgos-wbtc-supply-in-6-months\/\">teased it<\/a> on the social media platform X.<\/p>\n<h2>cbBTC<\/h2>\n<p>According to Coinbase, cbBTC is an ERC-20 token fully backed by Bitcoin and custodied on the platform. When users send BTC from Coinbase to Base or Ethereum, it automatically converts to cbBTC and vice versa.<\/p>\n<p>Wrapped Bitcoin tokens allow users to leverage their BTC on other networks. So, the exchange noted that cbBTC aims to drive innovative financial applications and boost Bitcoin adoption in DeFi.<\/p>\n<p><span style=\"color: #333333;\">Already, several major DeFi protocols, including <\/span><a href=\"https:\/\/cryptoslate.com\/coins\/aave\/\" target=\"_blank\" rel=\"noopener\">Aave<\/a><span style=\"color: #333333;\">, Morpho, Sky, Compound, Aerodrome, Curve, Veda, Mellow, and the real-world asset platform Maple, have\u00a0<\/span><a href=\"https:\/\/cryptoslate.com\/aaves-bid-to-integrate-coinbases-cbbtc-sparks-community-concerns\/\" target=\"_blank\" rel=\"noopener\">already <\/a><a href=\"https:\/\/cryptoslate.com\/aaves-bid-to-integrate-coinbases-cbbtc-sparks-community-concerns\/\">integrated cbBTC<\/a> for their users.<\/p>\n<p>Moreover, cbBTC is available via the Coinbase application in Singapore, the UK, the European Economic Area, Australia, Brazil, and the US (excluding New York State). The asset will also be accessible globally on Base and Ethereum.<\/p>\n<p><a href=\"https:\/\/platform.arkhamintelligence.com\/explorer\/entity\/coinbase\">Data<\/a> from blockchain analytics firm Arkham Intelligence shows that Coinbase holds over 984,000 BTC, valued at approximately $57 billion. Meanwhile, most of this is held for exchange-traded fund issuers like BlackRock, who custody their ETF assets with the Brian Armstrong-led exchange.<\/p>\n<h2>WBTC troubles<\/h2>\n<p>Coinbase's launch of cbBTC comes at an interesting time as the dominant Wrapped Bitcoin token issued by <a href=\"https:\/\/cryptoslate.com\/companies\/bitgo\/\">BitGo<\/a> <a href=\"https:\/\/cryptoslate.com\/coins\/wrapped-bitcoin\/\">WBTC<\/a> faces challenges.<\/p>\n<p>Over the past month, crypto users have sought alternatives to WBTC due to BitGo's new partnership with <a href=\"https:\/\/cryptoslate.com\/coins\/tron\/\">TRON<\/a> founder Justin Sun. While the firm has tried to allay these worries, critics have pointed out that Sun's involvement poses a threat to the token due to his track record.<\/p>\n<p>Due to this, several projects have been seeking to take advantage of the fallout to push a Bitcoin wrapper product.<\/p>\n<p>Earlier this month, 21.co, the parent company of\u00a0<a href=\"https:\/\/cryptoslate.com\/companies\/21shares\/\">21Shares<\/a>, <a href=\"https:\/\/cryptoslate.com\/21shares-launches-wrapped-bitcoin-21btc-on-ethereum-amid-wbtc-challenges\/\">introduced<\/a> its Wrapped <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin<\/a> product (21BTC) on the Ethereum blockchain. Prior to that, DeFi protocol Threshold has\u00a0<a href=\"https:\/\/cryptoslate.com\/threshold-network-proposes-acquisition-of-bitgos-wbtc-to-address-centralization-worries\/\">proposed merging<\/a> its BTC &#8220;wrapper&#8221; token, tBTC, with WBTC in an effort to save the more popular BTC product.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Coinbase has officially launched its wrapped Bitcoin token, cbBTC, on its layer-2 network, Base, and Ethereum mainnet, according to a Sept. 12 statement. The new product comes around a month after Coinbase teased it on the social media platform X. cbBTC According to Coinbase, cbBTC is an ERC-20 token fully backed by Bitcoin and custodied [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":443422,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,46940],"tags":[79695,76714,72190,77005],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Coinbase&#039;s cbBTC launches seeking DeFi boom on Base and Ethereum<\/title>\n<meta name=\"description\" content=\"cbBTC arrives on Base and Ethereum as Coinbase enters Wrapped Bitcoin race, according to a Sept. 12 statement.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/coinbases-cbbtc-launches-seeking-defi-boom-on-base-and-ethereum\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Coinbase&#039;s cbBTC launches seeking DeFi boom on Base and Ethereum\" \/>\n<meta property=\"og:description\" content=\"cbBTC arrives on Base and Ethereum as Coinbase enters Wrapped Bitcoin race, according to a Sept. 12 statement.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/coinbases-cbbtc-launches-seeking-defi-boom-on-base-and-ethereum\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-12T13:27:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/09\/bcbtc-bitcoin.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/coinbases-cbbtc-launches-seeking-defi-boom-on-base-and-ethereum\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/coinbases-cbbtc-launches-seeking-defi-boom-on-base-and-ethereum\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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