Overview

• cbBTC is an ERC-20 token backed 1:1 by Bitcoin reserves held by Coinbase.
• The token will be available on multiple DeFi protocols, including Aave, Curve, and Compound.
• Coinbase's launch follows controversy surrounding BitGo's WBTC and its partnership with TRON founder Justin Sun.
• cbBTC allows Bitcoin holders to use their assets in DeFi applications without needing to convert to Ethereum.
• The token is accessible to Coinbase users in various regions, excluding New York State.