Starting today, Coinbase is rolling out cbBTC – Coinbase Wrapped BTC – an ERC20 token that is backed 1:1 by Bitcoin (BTC) held by Coinbase.
At launch, cbBTC will be supported on Base and Ethereum, with plans to support more chains.
When Coinbase users send their BTC from Coinbase to an address on Base or Ethereum, that BTC will automatically be converted 1:1 to cbBTC. When users receive cbBTC in their Coinbase accounts, it will be converted 1:1 from cbBTC to BTC. Notably, cbBTC will not have a separate order book or trading pair on Coinbase.
cbBTC will also be available to trade on DEXs using Coinbase Wallet, and may be available on other third party exchanges that choose to support it.
At launch, cbBTC send & receive will be available on Coinbase in the US (excluding New York State), UK, EEA states, Singapore, Australia, and Brazil. cbBTC will be accessible globally on Base and Ethereum.
cbBTC removes a key point of friction by allowing customers to use Bitcoin they already hold in new ways onchain. cbBTC is built to be seamlessly compatible with DeFi applications, so users can now tap into novel DeFi use cases like providing their Bitcoin as liquidity to DeFi protocols, or using it as collateral to borrow other crypto assets.
Many popular DeFi apps will support cbBTC on day one:
- DEX: Aerodrome, Curve
- Lending apps: Aave, Compound, Morpho, Moonwell, Spark
- Yield Vaults: Mellow, Veda
- xChain Swaps: DeBridge, DeFinitive
- Oracles: Chronicle Labs
- Risk Curators: Block Analitica, Gauntlet, Steakhouse,
- RWA: Maple.
