Coinbase Wrapped BTC (cbBTC) is now live

As the oldest and most widely held crypto asset, Bitcoin plays an important role in onboarding users to crypto. Coinbase has been increasing utility for Bitcoin, first through the integration of the Lightning Network to drive instant low cost payments, and now with cbBTC. Starting today, millions of Coinbase customers can seamlessly and securely access financial apps within the Ethereum ecosystem using Bitcoin they already hold.

Access to secure and deep liquidity

Coinbase is pioneering a new era for DeFi with cbBTC—a trusted and reputable wrapped version of Bitcoin. cbBTC is backed 1:1 by BTC held in custody by Coinbase – which has a 10+ year record of securely custodying billions in Bitcoin for institutions and customers across the globe. Greater transparency with proof of reserves has been part of our roadmap since the conception of cbBTC and will follow.* Coinbase is for the first time linking deep off-chain Bitcoin liquidity to low cost, high speed financial rails on Base and Ethereum. By bringing assets across more chains, wrapped assets like cbBTC help build a more efficient, interconnected and expansive financial ecosystem.

Do more with Bitcoin onchain

cbBTC removes a key point of friction by allowing customers to use Bitcoin they already hold in new ways onchain. 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. We’re excited to announce that many popular DeFi apps will support cbBTC on day one:

DEX: Aerodrome, Curve, Matcha, Uniswap

Lending apps: Aave, Compound, Morpho, Moonwell, Spark

Yield Vaults: Mellow, Veda

xChain Swaps: DeBridge, DeFinitive

Oracles: Chronicle Labs

Risk Curators: Block Analitica, Gauntlet, Steakhouse, Re7

RWA: Maple

BTC Fee Hedging: Alkimiya

This is just the start. By bringing Bitcoin onto Base and Ethereum, Coinbase is excited to spur innovative financial apps and wider adoption of Bitcoin in DeFi. We’re also working to expand native cbBTC support to additional chains.

How cbBTC works

When Coinbase users send their BTC from Coinbase to an address on Base or Ethereum, that BTC will automatically be converted 1:1 to cbBTC. When users receive cbBTC in their Coinbase accounts, it will be converted 1:1 from cbBTC to BTC. Notably, cbBTC will not have a separate order book or trading pair on Coinbase. cbBTC will also be available to trade on DEXs using Coinbase Wallet, and may be available on other third party exchanges that choose to support it. At launch, cbBTC send & receive will be available on Coinbase in the US (excluding New York State), UK, EEA states, Australia, and Brazil. cbBTC will be accessible globally on Base and Ethereum. Learn more here.

cbBTC is moving money forward. We’re one step closer to bringing 1 billion people onchain.

The following are the smart contract addresses for cbBTC on all blockchains on which it is currently issued.

1. Base: 0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf

2. Ethereum: 0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf

Disclaimer: Information is provided for informational purposes only and is not investment advice. This is not a recommendation to buy or sell a particular digital asset or to employ a particular investment strategy. Coinbase makes no representation on the accuracy, suitability, or validity of any information provided for a particular asset. Coinbase may have financial interests in, or relationships with, some of the entities discussed or referenced in the materials. Coinbase does not endorse or approve links or third-party websites that may be provided in the materials.

* Updated on September 23, 2024