Ethereum

Coinbase released its new wrapped Bitcoin token, cbBTC, according to a <a href="https://www.coinbase.com/en-gb/blog/coinbase-wrapped-btc-cbbtc-is-now-live" rel="noopener noreferrer nofollow">report</a> on Thursday. The token is available on the <a href="https://cryptotale.org/coinbase-aggressively-buys-eth-dip-as-open-interest-plunge/" rel="noopener noreferrer nofollow">Ethereum network</a> with Coinbase’s layer-2 scaling solution, Base. With this launch, the firm aims to expand the usage of Bitcoin in DeFi-related protocols and applications.1:1 Bitcoin CustodyThe cbBTC token is 1:1 factored and held in Coinbase&#39;s custodian for Bitcoin. This guarantee holds that one cbBTC exists in circulation and is matched by an equal amount of Bitcoin held on reserve. The exchange has also confirmed that cbBTC will not exist in the form of its own order books or trading pairs on the Coinbase platform.After users send the Bitcoin to a Base or Ethereum address, cbBTC is automatically minted at 1:1 ratio. In the reverse direction, when users redeposit cbBTC onto Coinbase it is then auto-converted into regular BTC. The aim was for a smooth process to simplify access of Bitcoin holders into the fast expanding DeFi market.Enhancing Bitcoin&#39;s Lending PotentialTokens like cbBTC, an interest-bearing version of <a href="https://cryptotale.org/bitcoin-miners-offload-30k-btc-as-leverage-hits-yearly-high/" rel="noopener noreferrer nofollow">Bitcoin</a>, aim to tap the potential of lending in decentralized finance for Bitcoin. Even Bitcoin itself has remained difficult to incorporate in deFi applications because of the structuring feature of its blockchain, which has a UTXO base.Related:<a href="https://cryptotale.org/coinbase-sees-first-ai-to-ai-crypto-transactions-on-base/" rel="noopener noreferrer nofollow">https://cryptotale.org/coinbase-sees-first-ai-to-ai-crypto-transactions-on-base/</a><a href="https://cryptotale.org/coinbase-launches-cbbtc-token-on-ethereum-and-base-networks/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Coinbase Launches cbBTC Token on Ethereum and Base Networks

CryptoTale

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