Coinbase introduces wrapped bitcoin competitor ‘cbBTC’
Coinbase is moving forward with the launch of cbBTC, an ERC-20 tokenized bitcoin that will go live on Base and other Ethereum ecosystems.
The new bitcoin token will be backed 1:1 by bitcoin reserves and presumably held in centralized custody by Coinbase. Coinbase first teased the impending cbBTC on Aug.
14 amid a swirl of controversy surrounding BitGo. Today, it was formally announced. This marks the first significant competitive threat to BitGo’s wrapped bitcoin (WBTC), which controls a dominant 96.6% market share across the Ethereum ecosystem today, according to Dune. Read more: BitGo moves to allay fears over WBTC custodial changes Coinbase’s tweet claims cbBTC will be available on several protocols including Aerodrome, Curve, Aave, Morpho, Compound, Moonwell, Spark and more. “Coinbase is helping users do more with their bitcoin,” Coinbase vice president of engineering Will Robinson told Blockworks.
He added that “cbBTC is a big step forward for DeFi, giving bitcoin a much more active role.” BitGo’s announcement of a “strategic partnership” that involved TRON founder Justin Sun sparked concerns, leading to Sky (previously Maker) delisting WBTC as collateral from its DAI stablecoin.
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