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The largest US-based crypto trading platform announced that its Wrapped Bitcoin product has gone live on two blockchains – Base and Ethereum.by the exchange informed that the Wrapped Bitcoin will be “backed 1:1 by Bitcoin held by Coinbase.”
“With cbBTC, we continue to increase economic freedom by giving users more ways to use their Bitcoin. Starting today, millions of Coinbase customers can seamlessly and securely access financial apps within the Ethereum ecosystem using Bitcoin they already hold.” – reads the announcement and highlighted Coinbase’sThe new product promises various DeFi applications due to its compatibility with the sector. BTC holders will be able to “tap into novel DeFi use cases.
cbBTC will not have a separate order book or trading pair on Coinbase. Once users send their BTC from the exchange to the designated Base and Ethereum addresses, the funds will be automatically converted 1:1 to cbBTC and vice-versa.
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