Coinbase Wrapped BTCPrice

(CBBTC)

Coinbase Wrapped BTC, commonly known as cbBTC, is a digital token launched by Coinbase to bridge Bitcoin onto other blockchain networks. It acts as a representation of Bitcoin on ecosystems like Ethereum, Base, Solana, and Arbitrum. Each cbBTC token is fully collateralized, meaning it is backed by an equivalent amount of native Bitcoin held in Coinbase’s secure reserves. The primary purpose of cbBTC is to expand the utility of Bitcoin within the decentralized finance and Web3 space. Traditionally, Bitcoin operates on its own blockchain which does not natively support complex smart contracts or decentralized applications. By wrapping Bitcoin into the cbBTC format, users can bring their Bitcoin assets to other networks to participate in activities like lending, borrowing, and providing liquidity on various decentralized platforms. The process of obtaining cbBTC is designed to be straightforward for users of the Coinbase exchange. When a user sends Bitcoin from their Coinbase account to a supported address on a network like Base or Ethereum, the asset automatically converts into cbBTC. Conversely, when a user sends cbBTC back to their Coinbase account, it is converted back into native Bitcoin. This conversion process is intended to make it easier for people to move between centralized exchange environments and on-chain decentralized applications. In terms of technology, cbBTC is issued as an ERC-20 token on Ethereum-compatible networks and as an SPL token on the Solana network. This ensures it is compatible with a wide range of digital wallets and decentralized protocols. While there are other versions of wrapped Bitcoin available in the market, cbBTC distinguishes itself by being issued and managed by a major centralized exchange, relying on the company’s institutional custody services to ensure the security of the underlying assets. The project was officially introduced in late 2024 as part of a broader effort to integrate more assets into the on-chain economy. It is currently available to users in various global regions, though local regulations may affect access in certain jurisdictions. By providing a bridge between the Bitcoin network and smart-contract-capable blockchains, cbBTC serves as a tool for users looking to use their Bitcoin holdings in the evolving Web3 landscape. Learn more

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