Coinbase has launched cbBTC, an ERC20 token backed 1:1 by Bitcoin in its custody. cbBTC allows BTC holders to access DeFi applications such as Aave, Compound, and MakerDAO. Over 843,783 Bitcoins secure cbBTC, which is 4% of the total Bitcoin supply. Coinbase, the largest cryptocurrency exchange in the U.S., has officially unveiled its new tokenization product, Coinbase Wrapped.
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