Coinbase Launches cbBTC to Compete with BitGo's Wrapped Bitcoin

Coinbase's new token aims to integrate Bitcoin into DeFi applications on Ethereum and Base networks.

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.