Coinbase launches cbBTC to expand tokenized Bitcoin

Coinbase has announced the launch of cbBTC, a new tokenized Bitcoin on its Base network, aiming to broaden its DeFi offerings, Decrypt has reported. This introduction follows the earlier launch of cbETH and comes as nearly $9.5 billion worth of Bitcoin is already tokenized on various platforms. Coinbase's strong market presence could help cbBTC quickly gain traction, although it faces competition from established tokenized Bitcoins like WBTC.