Coinbase launches cbBTC, which will run on the Ethereum mainnet and Base

ChainCatcher news, Coinbase officially launched its wrapped version of Bitcoin, Coinbase Wrapped BTC (cbBTC). This token operates on the Ethereum network and is backed by 1:1 Bitcoin, designed to allow traders to use Bitcoin on Ethereum, primarily for DeFi.

Coinbase stated that cbBTC will operate on the Ethereum mainnet and its own L2 network, Base, connecting deep off-chain Bitcoin liquidity with low-cost, high-speed financial rails on Base and Ethereum for the first time.