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High US-based crypto change platform Coinbase is asserting the launch of Coinbase Wrapped Bitcoin (cbBTC), a Bitcoin (BTC)-backed Ethereum (ETH)-based token.
In a brand new thread on the social media platform X, Coinbase says that cbBTC is now onchain and prepared, that means that holders of the highest crypto asset by market cap can now entry decentralized finance (DeFi) apps on the Base and Ethereum blockchains.
In accordance with Coinbase, cbBTC will probably be out there on many outstanding DeFi networks, together with Aave (AAVE), Curve FInance (CRV), Compound Finance (COMP), Moonwell (WELL), and Maple Finance (MPL).
In a brand new weblog publish, Coinbase explains how BTC holders can use the Coinbase-wrapped model of the crypto king to streamline their DeFi expertise.
“cbBTC removes a key level of friction by permitting clients to make use of Bitcoin they already maintain in new methods onchain. cbBTC is constructed to be seamlessly appropriate with DeFi functions, so customers can now faucet into novel DeFi use circumstances like offering their Bitcoin as liquidity to DeFi protocols, or utilizing it as collateral to borrow different crypto belongings…
When Coinbase customers ship their BTC from Coinbase to an deal with on Base or Ethereum, that BTC will mechanically be transformed 1:1 to cbBTC. When customers obtain cbBTC of their Coinbase accounts, will probably be transformed 1:1 from cbBTC to BTC.”
Bitcoin is buying and selling for $57,688 at time of writing, a 2% acquire over the last 24 hours.
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