Coinbase, a US-based cryptocurrency exchange platform has announced the launch of Coinbase wrapped Bitcoin (cbBTC), a bitcoin (BTCEthereum (ETH)-based token.
Coinbase has posted a thread in the social media network X. says It is important to note that cbBTC has been onchained and made ready. This means that owners of the most valuable crypto by market capitalization can now use decentralized financial (DeFi), apps, on both the Base and Ethereum Blockchains.
Coinbase says that cbBTC, which is a cryptocurrency, will soon be available through many DeFi networks (including Aave)AAVECurve Financing (CRVCompound FinanceCOMPMoonwellWELLMaple Finance, (MPL).
Coinbase has published a blog article. explains The Coinbase wrapped version of BTC can be used to optimize your DeFi experience.
“cbBTC is a great way to remove friction, allowing users to make use of their Bitcoins in new and innovative ways. cbBTC is built to be seamlessly compatible with DeFi applications, so users can now tap into novel DeFi use cases like providing their Bitcoin as liquidity to DeFi protocols, or using it as collateral to borrow other crypto assets…
When Coinbase users transfer their BTC to Base or Ethereum addresses, the BTC is automatically converted into cbBTC. Users will receive BTC when they deposit cbBTC into their Coinbase accounts.
Bitcoin has a value of $57,688 as I write this, which is a gain of 2% in the past 24 hours.
Don’t Miss a Beat – Subscribe Get email notifications delivered straight to your Inbox
Check out the latest news and updates on our website. Price Action
Join us! X, Facebook You can also find out more about the following: Telegram
You can surf to your heart’s content The Daily Hodl Mix
 
Disclaimer: The Daily Hodl does not provide investment advice. Before investing in Bitcoin or other digital assets, investors should perform their own due diligence. Your transfers and transactions are entirely at your own risk. own You are responsible for any loss you might incur. The Daily Hodl is not an investment adviser and does neither recommend buying or selling cryptocurrencies or other digital assets. The Daily Hodl engages in affiliate marketing.
Featured Image: Shutterstock/tostphoto
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: dailyhodl.com