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cbBTC: Do more with Bitcoin onchain.

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Access to secure and deep liquidity

Coinbase is pioneering a new era for DeFi with cbBTC – a trusted and reputable wrapped version of Bitcoin.

Secure

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.

Faster and cheaper access

For the first time, Coinbase is linking deep offchain Bitcoin liquidity to low-cost, high-speed financial rails.

Seamless

Coinbase customers can use the send and receive feature to seamlessly move their BTC on and offchain. BTC that is transferred from a Coinbase account automatically converts to cbBTC 1:1

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How cbBTC works

Coinbase customers in select geos can use the send & receive feature to seamlessly move their BTC on and offchain. When users send their BTC from Coinbase to Base, Solana, or Ethereum, it 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.

The cbBTC ecosystem

Use your cbBTC on a growing number of DeFi applications

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Aerodrome

Aerodrome is a next-generation AMM designed to serve as Base's central liquidity hub.

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Curve

Curve is an exchange liquidity pool on Ethereum designed for extremely efficient stablecoin trading.

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Oku

Oku is a decentralized exchange trading platform and bridge aggregator.

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Aave

Aave is a decentralised non-custodial liquidity market protocol where users can participate as suppliers or borrowers.

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Morpho

Morpho is an open platform that allows users to earn yield, borrow assets, curate markets and vaults, and build applications.

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Compound

Compound is an algorithmic, autonomous interest rate protocol built for developers, to unlock a universe of open financial applications.

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Moonwell

Moonwell is an open lending and borrowing protocol on Base, Moonbeam, and Moonriver.

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Spark

Spark is on a mission to empower the DAI ecosystem. As part of the Sky Ecosystem, Spark builds and manages DeFi infrastructure.

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Chronicle

Chronicle Protocol is a community-powered consensus network of 22 Validator node operators.

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Veda

Veda is a native yield infrastructure for protocols and applications.

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Mellow

Mellow is a platform for building automatic trustless DeFi strategies.

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Definitive

Definitive is a non-custodial execution platform and API for DeFi.

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deBridge

deBridge is a liquidity unlocking and cross-chain bridging DApp.

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Block Analitica

Block Analitica is a dedicated risk management firm.

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Steakhouse

Steakhouse Financial is a company that provides financial advisory services for DAOs in the crypto space.

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Gauntlet

Gauntlet helps improve the understanding of crypto-native economics and optimize the growth of crypto protocols.

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Alkimiya

Alkimiya is a permissionless open-sourced protocol for hashpower-backed contracts issuance and structured products.

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Maple

Maple is a protocol that allows institutional and individual lenders to access a range of lending options and yield opportunities.

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Uniswap

A leading decentralized crypto trading protocol, governed by a global community.

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Matcha

Matcha is a decentralized exchange meaning that allows users to swap their tokens peer-to-peer through the Ethereum smart contract infrastructure.

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Re7

Re7 Labs applies advanced in-house risk tooling and research capabilities to support a wide range of DeFi protocols as a curator and advisor.

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Seamless

As the largest native lending protocol on Base, Seamless gives you have access to the most popular assets.

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Solana

Solana supports blockchain experiences for power users, new consumers, and everyone in between.

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Jupiter

Jupiter is one of the largest decentralized trading platforms, with a wide array of products and trading tools.

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Meteora

Meteora is a decentralized exchange focused on improving P&L for LPs by introducing advanced features like dynamic fees and zero slippage price bins

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Kamino

Kamino is the leading money market on Solana, enabling you to earn yield and borrow against your assets

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Jito

JitoSOL is the largest LST on Solana powering its dominant MEV network.

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Phoenix

Phoenix is a leading, fully onchain orderbook DEX

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Drift

Drift is a leading decentralized finance (DeFi) platform on Solana, offering perpetual futures, borrow-lend and an integrated spot DEX in a unified account.

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Raydium

Pioneer of the hybrid AMM and the first permissionless DEX on Solana.

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Loopscale

Loopscale is a modular lending protocol that leverages a novel creditbook architecture to offer lending products at better rates against more collateral assets.

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Orca

Orca is a unique protocol centered around a CLMM with powerful features that allow users to access constant-product-like functionalities.

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Save

Save is Solana's permissionless savings account and one of the most resilient lending protocols.

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Manifest

Manifest is the 3rd generation of Solana CLOB DEXs allowing users to trade the price they want.

What the industry is saying

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cbBTC Advantages

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.

A more expansive ecosystem

By bringing non-Ethereum assets onchain, wrapped assets like cbBTC help build a more efficient, interconnected and expansive financial ecosystem.

A financial system that works for all

With cbBTC, we continue to increase economic freedom by giving users more ways to use their Bitcoin onchain.

Driving financial innovation

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

FAQs

What is cbBTC?

cbBTC or Coinbase Wrapped BTC is an ERC20 token that is backed 1:1 by Bitcoin (BTC) held by Coinbase. Wrapped assets, like cbBTC, are transferable tokens that represent ownership of the underlying asset (BTC). cbBTC is fully transferable, and Coinbase customers can unwrap cbBTC and redeem a corresponding amount of the underlying BTC simply by depositing the cbBTC into their Coinbase accounts. cbBTC is available on Ethereum, Solana, and Base. Learn more in the cbBTC White Paper.

How can I get cbBTC?

When Coinbase users send their BTC from Coinbase to an address on Base, Solana 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.  Note that 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.

Why would I wrap BTC to get cbBTC?

cbBTC allows you to seamlessly use your BTC onchain across a range of DeFi apps, which may allow you to borrow, lend or discover other new ways to put your BTC to work.

What is token wrapping?

Token wrapping is a process in which a crypto asset is locked up in a smart contract and a new token (the wrapped token) is issued on the blockchain to represent the original token. 

Wrapped tokens provide cross-chain compatibility, allowing customers to freely trade or transfer their assets on one chain while the underlying token remains locked on another.

Am I eligible to wrap BTC?

cbBTC is only available to Coinbase customers whose accounts are in good standing and who are located in the US (excluding New York State), UK, EEA states, Australia, Singapore, and Brazil. You can also purchase cbBTC through Coinbase Wallet or on other third party exchanges that support it.

How is cbBTC backed 1:1 with BTC on Coinbase?

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. BTC backing cbBTC will never be sold, transferred, or utilized for any other purposes.

Can I trade cbBTC on Coinbase?

No, cbBTC will not have a separate trading book or order pair listed on Coinbase.

How do I send and receive cbBTC on Coinbase?

On the Coinbase app, to send bitcoin: (1) Open the Coinbase app, tap Transfer, then tap Send Crypto and choose bitcoin (2) Scan the QR code, or input wallet address for the receiving address on Base, Solana, or Ethereum (3) Enter the amount you want to send and confirm (4) Your BTC will show up as cbBTC onchain.

To receive bitcoin on Coinbase: (1) Open the Coinbase app, tap Transfer, then tap Receive Crypto (2) Choose bitcoin and select the network, (3) Copy the address and complete the send of cbBTC from the sending wallet, (4) Receive BTC in your Coinbase account.

For information on how institutions can send cbBTC on Coinbase Exchange, see our help center.

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