Key Highlights:
- cbBTC bridges Bitcoin and DeFi, allowing users to access DeFi apps on Ethereum and Base with their Bitcoin holdings.
- Coinbase Wrapped BTC is backed 1:1 by Bitcoin, ensuring trust, liquidity, and the ability to easily switch between BTC and cbBTC.
Yello Paradisers! FOMO alert! If you’ve been sitting on your Bitcoin like it’s a long-lost treasure, Coinbase just handed you the keys to the DeFi kingdom. Meet Coinbase Wrapped Bitcoin (cbBTC), the new ERC20 token that’s bridging the gap between Bitcoin and Ethereum. If you’ve been waiting for a reason to dive into the world of DeFi, this is your golden ticket.
Coinbase Wrapped BTC: The Bridge Between Bitcoin and DeFi
Launched with the fanfare it deserves, cbBTC is backed 1:1 by Bitcoin held securely in Coinbase custody – so, yes, you can trust it won’t vanish into thin air. At launch, cbBTC will operate on Ethereum and Base, but don’t worry, more chains are on the horizon.
For the millions of Coinbase users, this means your dusty Bitcoin can finally be used to access DeFi apps without the hassle of converting it to ETH. Think Curve, Aave, Compound, all waiting for your BTC to get in the game.
Coinbase is positioning cbBTC as the trusted wrapped Bitcoin solution for anyone looking to put their crypto to work, whether you’re providing liquidity, borrowing other assets, or staking. Your BTC is no longer just a HODL treasure; it’s your passport to the future of finance.
How cbBTC Works: Seamless and Secure
Here’s the magic: When you send your Bitcoin to a Base or Ethereum address, Coinbase will automatically wrap it into cbBTC at a 1:1 ratio. Got cbBTC and want to switch back? Easy. It’ll convert right back into BTC without you lifting a finger. With support already in the US, UK, Singapore, Australia, and beyond, this is about as seamless as it gets.
So, if you’ve been wondering what to do with your Bitcoin, this is the moment. Get in early, because Coinbase just cracked open a whole new world of DeFi opportunities, and you don’t want to miss the boat.
