Coinbase crypto exchange is launching its own wrapped Bitcoin token called cbBTC, which will be on the Base blockchain. Coinbase released a tweet about “cbBTC” and said that it will be launched soon and will build a huge Bitcoin economic system on the Base network. WBTC has caused community concerns due to the involvement of Justin Sun recently. cbBTC is suspected to be a competitor of WBTC. The introduction of cbBTC will allow Bitcoin holders to engage with decentralized finance (DeFi) applications with low fees and more efficiently using Base.

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