Coinbase's cbBTC is a wrapped version of Bitcoin that enables users to leverage their BTC in DeFi applications across Ethereum and Base networks.
The launch of cbBTC allows seamless conversion and utility for Bitcoin holders, integrating them into DeFi services like trading and lending.
Coinbase is entering a competitive field with its cbBTC, aiming to establish a significant foothold in the wrapped Bitcoin market against BitGo’s WBTC.
With cbBTC, users can now provide liquidity, borrow crypto assets, and utilize their Bitcoin holdings in various DeFi protocols, enhancing their crypto experience.
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