Coinbase to Launch a Tokenized Bitcoin

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Coinbase has hinted at the potential launch of a new product called cbBTC. This is likely a wrapped Bitcoin product that will be listed under the ticker cbBTC, similar to Coinbase’s existing Ethereum staking product, cbETH.

Although no further details have been disclosed, Coinbase’s recent post on X has stated that the launch is “coming soon,” hinting at a potential release in the near future.

These tokenized Bitcoin products will be backed one-to-one with actual Bitcoin, allowing users to hold and trade Bitcoin on Ethereum and Layer 2 chains.

The launch of Coinbase’s cbBTC product could also play a crucial role in providing liquidity and driving adoption for Base, a blockchain project incubated by the exchange.

Jesse Pollak, the lead of Base, expressed excitement for the potential growth of a Bitcoin economy on the platform.